Estonia is a nation of 1.3 million people that functions more like a scalable software platform than a country. This is the birthplace of the Skype Mafia, a tight-knit alumni network that views inefficiency as a personal insult. Consequently, the local fintech scene is focused on infrastructure rather than flashy consumer apps.
These startups are building the pipes, verification layers, and compliance engines that the rest of the world relies on. They are pragmatic, data-driven, and aggressively global from day one.
Here are the 10 Estonian fintechs you need to know.
Veriff
In a world of deepfakes and bot farms, knowing who is actually on the other side of a screen is the internet’s hardest problem. When Kaarel Kotkas and Janer Gorohhov founded Veriff in 2015, they aimed to surpass simple photo matching. Veriff can verify users across 190+ countries, supporting over 12,000 government-issued ID types.
Today, the company is valued at over $1.5 billion and acts as the internet’s bouncer, verifying more than 12,000 document types across 190 countries. Their behavioural fraud engine analyses thousands of data points, from gyroscope movement to network latency, to determine human presence, securing everything from crypto exchanges to the metaverse.
Tuum
Legacy banking cores are the COBOL-based nightmares that keep CTOs awake at night. Established in 2019 by Vilve Vene, Rivo Uibo, Ove Kreison, and Jan Lakspere, Tuum (formerly Modularbank) offers a modern exit strategy.
Having recently raised €25 million in Series B funding, they are rapidly expanding into the DACH market with a cloud-native, modular core. Their platform enables banks and non-financial brands to snap modules together like LEGO bricks, launching products such as loans or cards in weeks rather than years.
Salv
Criminals often share information, but banks, on the other hand, usually don’t. Taavi Tamkivi, Jeff McClelland, and Sergei Rumjantsev founded Salv in 2018 to fix this asymmetry, drawing on their experience as former compliance leads at Wise and Skype. Their Salv Bridge platform allows financial institutions to legally share tactical intelligence in real-time, a collaborative approach that has helped partners recover up to 80% of funds in fraud cases. It transforms Anti-Money Laundering (AML) from a passive box-ticking exercise into an active defence network.
Lightyear
Martin Sokk and Mihkel Aamer founded Lightyear in 2020 after getting tired of seeing European investors fleeced by hidden FX fees and custody charges during their time at Wise. Backed by heavyweights like Richard Branson, the platform surpassed $1 billion in Assets Under Management (AUM) in 2024. Lightyear is a borderless investment platform that gives retail users access to global markets without the middleman tax, and they have recently shaken up the sector by offering high-interest cash accounts that pass central bank rates directly to users.
Montonio
Markus Lember, Karel Nappus, and Kristofer Turmen launched Montonio in 2018 to wage war on credit card processing fees. Secured by an €11 million Series A led by Index Ventures, their platform now processes payments for over 6,000 merchants. By leveraging Open Banking APIs, they allow merchants to bypass Visa/Mastercard rails to save fees, while simultaneously integrating shipping logistics and “Buy Now, Pay Later” offers into a single, holistic Checkout OS.
Xolo
The gig economy is borderless, but tax compliance is stubbornly local. Originally launched as LeapIN in 2015 by Allan Martinson and his co-founders, Xolo bridges that gap for over 120,000 solopreneurs worldwide. Leveraging Estonia’s unique e-Residency program, freelancers in Brazil or Ukraine can run a fully compliant EU company remotely. Processing hundreds of millions of dollars in invoicing volume annually, Xolo handles complex backend tasks, such as VAT filings and annual reports, effectively offering Company-as-a-Service to the digital nomad class.
EstateGuru
Founded in 2013 by Marek Pärtel and Kaspar Kaljuvee, EstateGuru fills the funding gap left by risk-averse banks. They connect real estate developers needing fast bridge loans with a pool of 150,000+ retail investors. Unlike unsecured P2P lending, every loan is backed by a mortgage, a strategy that has allowed them to fund over €800 million in loans with a historical average return hovering around 10%.
Funderbeam
Startup equity is famously illiquid as investors are usually locked in for a decade waiting for an IPO. Kaidi Ruusalepp, the former CEO of the Tallinn Stock Exchange, founded Funderbeam in 2013 to solve this liquidity trap. Holding investment firm licenses in the UK, Estonia, and Singapore, Funderbeam creates a secondary market on the blockchain. This allows investors to buy and sell stakes in private companies 24/7, turning startup equity from a lottery ticket into a liquid, tradable asset.
Cachet
The insurance industry struggles to price the Gig Economy worker efficiently. Hedi Mardisoo and Kalle Palling founded Cachet in 2018 to serve as the data bridge that solves this problem, raising €5.5 million to expand their model. They integrate directly with platforms like Uber and Bolt to track a driver’s actual schedule and behaviour. This allows for lifestyle-based insurance where premiums reflect actual usage, ensuring gig workers are priced fairly based on real-time data rather than rigid legacy models.
Fairown
Hendrik Roosna founded Fairown in 2018 to build the financial engine behind the circular economy. The company, which closed a €5.7 million equity round in late 2024, provides the software and financing that allows brands to offer products as a subscription service. Consumers pay a monthly fee to use a device, and Fairown manages the return, refurbishment, and resale cycle. It aligns financial incentives with sustainability, ensuring products get a second life rather than ending up in a landfill.