On 27 August, the Supervision Committee of Latvijas Banka issued an authorisation to provide crowdfunding services to FLOW SIA.

FLOW SIA is registered with the Register of Crowdfunding Service Providers and has the right to facilitate the granting of loans and offer additional services related to crowdfunding: application of the credit scoring feature to crowdfunding projects, suggesting the pricing and/or interest rates for crowdfunding offers, and the use of bulletin boards.

A crowdfunding service provider is a company that maintains an online platform bringing together investors and companies that intend to raise funding for business and propose the projects to be funded. To provide crowdfunding services, an authorisation is required pursuant to Regulation (EU) 2020/1503.

On its website, Latvijas Banka maintains the national register of crowdfunding service providers that have received an authorisation in Latvia. Furthermore, the European Securities and Markets Authority maintains a comprehensive EU Register of Crowdfunding Service Providers that is made available on its website.

The businesses that wish to receive an authorisation to provide crowdfunding services in Latvia should submit an application to Latvijas Banka. For more information on the authorisation process, see the licensing guide on the website of Latvijas Banka. Before businesses apply for the above authorisation, Latvijas Banka offers free advisory support, as well as advice and support during the entire authorisation process.