The entire Baltic region is recognized as the leader in deploying digital technologies to create brand new business models. People from the Baltics obviously possess a talent for finding fresh ways to take advantage of tools and tech solutions that almost anyone in the world can access, and it’s the main reason why so many standout startups originate here.
This is pretty similar to what Aussie entrepreneurs are doing when it comes to utilizing digital technologies. For instance, Canva is one of the global leaders in terms of cloud design that is intuitive enough even for casual users. The same goes for online gambling technologies Down Under. Companies in Australia successfully launched affordable $10 deposit casinos with innovative solutions such as alternative payment channels or enticing bonus deals for new players. That’s what makes online casino firms in Australia better than their counterparts in many other parts of the world.
On the other side of the world, Baltic countries tend to generate startups that turn the existing technologies into practical solutions to everyday problems. Now we’ll discuss five such examples.
1. Wise (formerly TransferWise)
Image source: https://wise.com/
- Founded: 2011
- Founders: Taavet Hinrikus, Kristo Käärmann
- Headquarters: Tallinn, Estonia; London, UK
- Industry: Financial technology
- Global reach: Services in 170+ countries
Problem-solving is at the core of every startup, and Wise shows us exactly that. Wise was born out of frustration with the hidden fees as well as poor exchange rates that come with traditional banks. What they did was design a peer-to-peer money transfer system that matched users in different countries – that allowed clients to exchange money directly at mid-market rates with minimal fees.
But that was just the starting point since Wise soon expanded its services so as to introduce multi-currency accounts and debit cards. That way, users were able to transfer funds in over 50 currencies. In a nutshell, Wise designed a new customer-first approach based on full transparency, so much so that it became a publicly traded company valued at over $11 billion in 2021.
2. TransferGo
Image source: https://www.transfergo.com/
- Founded: 2012
- Founders: Daumantas Dvilinskas, Justinas Lasevicius
- Headquarters: Vilnius, Lithuania; London, UK
- Industry: Financial technology
- Global reach: Services in 160+ countries
TransferGo is like Wise with a little tweak. The purpose of this platform is primarily to assist migrant workers who want low-cost yet reliable ways to send money home. The system is based on a truly unique "local-in, local-out" model that bypasses costly SWIFT fees – it does so by processing payments domestically on both ends. Another side effect of this system is that it supports same-day or even instant transfers.
This innovation has quickly earned the trust of millions of users (particularly in Europe). However, TransferGo soon expanded to support transfers in more than 160 countries all over the world.
3. Bolt
Image source: https://bolt.eu/
- Founded: 2013
- Founders: Markus Villig
- Headquarters: Tallinn, Estonia
- Industry: Ride-hailing, mobility, food delivery
- Global reach: Operates in 45+ countries
Bolt is a genuine powerhouse in terms of mobility services. The initial idea in 2013 was to make a ride-hailing platform in Tallinn, but Bolt founders quickly realized they could do much more by adding extra services:
- Ride-hailing
- Electric scooter
- Bike rentals
- Car sharing
- Food delivery
The thing that sets Bolt apart is its strong intention to provide affordable and environmentally conscious services. More importantly, they are tailored to suit local markets. The company is also a pioneer in sustainability as it commits to carbon-neutral operations through eco-friendly initiatives such as Project Zero.
4. Baltic Born
Image source: https://balticborn.com/
- Founded: 2016
- Founders: Baltic-born sisters, Brittany, Allison, and Angela
- Headquarters: Vilnius, Lithuania; Utah, USA
- Industry: E-commerce, fashion
- Global reach: Ships to the U.S. and internationally
Sisters Brittany, Angela, and Allison launched Baltic Born as a way to add a more natural tone to the fashion business. They heavily relied on their Baltic heritage to design standout clothing that suits women of all sizes as well as stages of life. International audiences didn’t take long to recognize new quality, so this family-run operation soon became a globally recognized e-commerce brand (though the US remains their primary target market).
5. Printful
Image source: https://www.printful.com/
- Founded: 2013
- Founders: Lauris Liberts
- Headquarters: Riga, Latvia; Charlotte, USA
- Industry: Print-on-demand, e-commerce
- Global reach: Shipping to over 200 countries
Printful is a print-on-demand and drop-shipping platform. Though it sounds complicated, the business model is fairly simple: It helps entrepreneurs create and sell personalized merchandise without building a huge inventory with serious upfront costs.
For example, users can design all sorts of products – from apparel to home décor – whilst Printful takes over the printing, packing, and shipping part of the process. This is a straightforward solution to send products directly to customers worldwide without engaging in complex logistics procedures on your own. That’s also why Printful has many fulfillment centers internationally and delivers products to over 200 countries.
Lessons for Aspiring Entrepreneurs
What can we learn from these examples? Well, the bottom line is that almost anyone – in and out of the Baltic – can launch a successful startup with a little bit of strategic thinking and clever planning. Almost all tools you need are already accessible online, some of which are even free of charge, so it only takes a good idea to make a prosperous company. That means you’re just one good idea away from becoming a rising entrepreneur. Are you ready to give it a shot?
Please enter your username and password.
2025 © The Baltic Times /Cookies Policy Privacy Policy
