Latvian start-up aiming for 100 million in turnover
Latvian start-up aiming for 100 million in turnover
Jeff App, a technology platform created in Latvia, has received several prestigious nominations in recent years as one of the fastest growing start-ups in Central and Eastern Europe. The platform aims to bridge the gap between financial service providers and their potential clients. Conventionally, relationships in the financial sector have been based on client credit history, but many people don’t have one. To solve this problem Jeff App has developed an innovative client assessment system that uses alternative data, such as information about a person’s track record with various service providers. As a result, financial services become more accessible to a wider range of consumers, whilst also serving as a useful tool for financial service providers.
In 2020, shortly after commencing operations, Jeff App joined the business incubator established by the Investment and Development Agency of Latvia (LIAA) in Jelgava. Toms Niparts, co-founder of Jeff App, highlights that even though the company is not a typical incubator participant by focusing on exports and digital solutions, the LIAA team was willing to adapt to the needs of the company. Combining the resources of the incubator, active attraction of investors and tireless work, Jeff App attained remarkable results: the app currently has over 9 million users, and the company has managed to secure millions of euros in investments from professional investors and business angels.
Photo: Founders of JeffApp, from the left S.Artemjevs, T.Niparts and R.Tenis
Mr Niparts is certain that the rapid growth of the business has been made possible by a synergy of several factors: “Attracting the first investors was hard. If we spoke to 100 potential investors, more than 95 of them said “no”. But we did not give up, we learned from every mistake we made and every conversation we had, and that helped us make better decisions moving forward. It was crucial to make use of the opportunities provided by the incubator, as well as our own hard work and the investments we attracted to ensure the successful growth of the company. This combination of elements allowed us to transform our idea into reality and gain rapid results on the global market.”
The incubator gave the company an opportunity to test various marketing strategies in its target markets, thus quickly expanding its operations. During its first year in the incubator, Jeff App successfully entered the market in Vietnam, expanding to the Philippines, Sri Lanka, and Mexico soon thereafter.
Today, Jeff App is actively working on entering new markets and expanding the range of services offered on the platform. With over 9 million users, the company has set an ambitious goal for itself: to reach EUR 100 million in turnover over the next couple of years.
Since 2024, the Business Incubation Aid Program has been implemented by LIAA representative offices in Latvia and any company up to the age of 5 operating in the supported sectors can apply for the programme.
This article has been produced with financial support from the European Regional Development Fund, Small and Medium Enterprises Programme, Incubator Subproject.
