Firms To Watch: Fintech

Fintech in Estonia

NJORD Law Firm

NJORD Law Firm is sought after by clients to advise on cryptocurrency and data privacy issues. The group is also sought after for its strength in litigation. Veikko Toomere and Virgi Nael are the key contacts.

Cobalt

 Cobalt is consulted by clients ranging from start-ups to public sector companies and regulatory bodies on a wide range of matters in the fintech space. The group is well known for its strength in advising on licensing and regulatory issues, as well as artificial intelligence, crowdfunding and cryptocurrency matters, often with cross-border elements. Practice co-head Kristel Raidla-Talur is well-versed in handling transactional mandates, while practice co-head Monika Koolmeister routinely acts as counsel to clients in the financial regulation arena. Kaarel Eller is a name to note.

Responsables de la pratique:

Kristel Raidla-Talur; Monika Koolmeister


Autres avocats clés:

Kaarel Eller


Les références

‘The firm is extremely professional, with true subject matter expertise and a high level of care and courtesy. They guided us through a complex regulatory licence application process for both money payments and cryptocurrency. Their analysis was clear, practical, and demonstrated a deep understanding of both the regulatory and business aspects involved. They consistently made themselves available, delivering timely and well-reasoned responses. This practice stands out for its responsiveness, depth of expertise, and ability to integrate legal advice with real business insight.’

‘The attorneys were exceptional. They combined deep regulatory knowledge with a strong understanding of commercial realities, which made their advice both legally sound and highly practical. They took the time to explain complex legal concepts in plain, accessible terms. Their professionalism, patience, and responsiveness sets them apart from others. They truly went beyond expectations and made the entire experience smooth and effective.’

Principaux clients

Webull Pay Inc


Bolt Operations


Wise Assets


Bondora


3Commas Technologies


Tuum (Modular Technologies)


Yolo Investments


Lemonway


Quickbyte


Striga Technologies


UP Group


Principaux dossiers


  • Assisting Webull Pay Inc with licensing matters.
  • Advising Bondora on a range of multi-jurisdictional financial regulatory matters.
  • Advised UP Group on the acquisition of a majority stake in online health and wellness platform Stebby.

RASK Attorneys-at-Law

RASK Attorneys-at-Law's strength in blockchain technology and digital currencies means the team is consistently sought after by clients in the technology sector, as well as commercial banks, fund managers, and crowdfunding platforms, to handle financing transactions and licensing agreements. Timo Kullerkupp is well-known in the Estonian market for acting as fintech counsel to fund managers; he co-heads the practice with financing expert Karl Erik Esko.

Responsables de la pratique:

Timo Kullerkupp; Karl Erik Esko


Les références

The team is reliable and always ready to help. They are professionals of the highest order.’

‘Timo Kullerkupp stands out for a down to earth approach, quick reactions, and a ‘no unnecessary ado’ approach.’

Principaux clients

Bilance Technology


Sorainen

Sorainen‘s team has a solid track record in advising international fintech companies on setting up operations in Estonia. Key areas of instruction for the group include payment services, blockchain and cryptocurrency issues. At the helm of the practice is Kätlin Krisak, who has an excellent reputation for handling complex virtual currency matters. Hetti Lump-Kivisaari focuses on financial regulatory cases, while Jane Eespõld assists domestic and international investors and financial institutions with crowdfunding, crypto-assets, and compliance and regulatory issues, to name a few. In March 2026, former Ellex practice heads Marko Kairjak and Anneli Krunks joined the team.

Responsables de la pratique:

Kätlin Krisak


Autres avocats clés:

Kamilla Alma Vilderson; Hetti Lump-Kivisaari; Jane Eespõld


Les références

‘Sorainen is truly extraordinary thanks to its outstanding team. Potential clients can rely on the team’s ability to combine international standards with local insight, ensuring both practical and innovative solutions.’

‘What sets Sorainen apart from other firms is not only the breadth of its legal expertise, but also the culture of collaboration and knowledge-sharing between different practice groups and across jurisdictions.’

‘Clients benefit from a team that is not only highly skilled and experienced, but also approachable, responsive, and committed to long-term relationships. The integrated regional structure and emphasis on teamwork ensures that clients consistently receive seamless, high-quality service.’

Principaux clients

Salv Technologies OÜ


Wildix OÜ


Holm Bank AS


Punktid Technologies AS


PlusPlus Capital


Simply Digital Technologies Inc.


Montonio


Sunly


Creditstar Group


New Nordic Asset Management OÜ


Principaux dossiers


  • Advised GS Core on applying for an operating licence from the Estonian Financial Supervision and Resolution Authority.

TEGOS (Formerly TGS Baltic)

Led by Kirsti Pent, the team at TEGOS (Formerly TGS Baltic) is well known for assisting with fintech-related regulatory issues. Priit Lätt is a name to note for crypto asset regulatory matters, and Olger Kaelep acts for regulated financial services entities in mandates. The group is equally strong in advising on licensing matters, with a solid track record in appearing for clients before the Estonian authorities concerning obtaining activity licences.s a name to note for financing mandates. Maria Suurna departed the firm in April 2025, Elina Varendi in October 2025.

Responsables de la pratique:

Kirsti Pent


Autres avocats clés:

Priit Lätt; Olger Kaelep


Les références

‘The practice is known for its highly experienced lawyers who are always up-to-date with the latest legal and regulatory developments, providing clients with practical and effective solutions.’

‘Kirsti Pent is very experienced in the financial innovation field, such as in distributed ledger technology (DLT). She is great to work with.’

Principaux clients

Estateguru


Crowdestate


Eleving Group


Tuleva


Finora Bank


Bondora Group


Primero Finance


Swaper Platform


Ridango


Ready Player Me


Wandoo Finance


Ellex Raidla

At Ellex Raidla, the team, which ‘possesses extensive knowledge of Estonian and European fintech regulations’, is very experienced in acting for clients in the financial services arena in mandates. Licensing matters are also prominent in the group’s workload, alongside assisting fintech entities with cybersecurity and IT law issues. Former practice heads Marko Kairjak and Anneli Krunks departed the firm in March 2026.

Les références

‘What we’ve appreciated most with Ellex Raidla is their ability to keep things practical. They understand the pace and pressure of the Fintech sector and don’t overcomplicate things. The advice is clear, timely, and tailored to our business. The team is easy to work with, responsive, and open to adapting to our way of working. We’ve also found that they’re good at anticipating potential issues before they become problems, which has helped us stay ahead in a fast-moving regulatory environment. Their regional coordination across the Baltics has been smooth, and communication has always felt straightforward and efficient.’

‘Always available with quick and effective solutions.’

‘Ellex Raidla’s fintech practice combines strong regulatory expertise with a clear understanding of innovative business models. The team is experienced in licensing, compliance, and cross-border structuring, with particular strength in PSD2, MiCA, and payment/e-money regulation. They stand out for their pragmatic approach, ability to anticipate supervisory expectations, and efficient collaboration with in-house teams. Their advice is precise, practical, and delivered in a structured and transparent manner.’

Principaux clients

Bondora Group AS


Wallester AS


Estateguru OÜ


Finterest Eesti OÜ


Main investors of PlusPlus Capital


Opengate Technology OÜ


Zalando SE


Finora Bank UAB Eesti filiaal


Luminor Bank AS


Ria Payment Institution E.P., S.A.U.


Balderton Capital


Eversheds Sutherland Ots & Co

Practitioners at Eversheds Sutherland Ots & Co are commended for their knowledge of securities law, combining this with expertise in digital currency and blockchain matters, AML-related issues and financial regulatory work to form a broad fintech practice. The group has also been kept busy advising start-ups on licensing matters. Practice co-head Dmitri Zdobnõh is well known for his experience in handling securities-related cases, and practice co-head Artjom Luik handles AML matters.

Responsables de la pratique:

Artjom Luik; Dmitri Zdobnõh


Autres avocats clés:

Risto Rüütel


Les références

‘In our experience, Eversheds Sutherland Ots & Co is the most experienced law firm in Estonia when it comes to financial and AML regulation.’

‘They are very thorough with their work and when something needs to get done by a specific deadline, it will get done.’

‘They had specialised knowledge in the securities field.’

Principaux clients

IPF Digital AS


Xolo OÜ


Tervisekindlustusagent OÜ


Hedman Partners

Hedman Partners‘ team garners praise for its ‘deep knowledge of the fintech space and regulatory frameworks‘. The broad practice covers matters concerning tokenising assets, venture capital funding, digital assets and licensing. Under the leadership of Toomas Seppel, the group is instructed by private investors, fintech start-ups, VC entities and cryptocurrency-based platforms; Seppel brings extensive experience in fintech regulation. Other key practitioners in the department include Vladislav Linko, who brings ‘deep knowledge and understanding of the fintech sector’. Taavi Kõiv has left the firm.

Responsables de la pratique:

Toomas Seppel


Autres avocats clés:

Vladislav Linko; Kaire Sepper


Les références

‘They have deep knowledge of the fintech space and regulatory frameworks. They are very transparent in their communication, and we can count on a comprehensive but easy-to-understand breakdown of issues. ’

‘Vladislav Linko’s deep knowledge and understanding of the fintech sector, accompanied by his transparent communication and accommodating nature, makes him the ideal partner to work with.’

‘They have very strong knowledge of the fintech industry and always follow a very practical, business-first approach.’

WIDEN

WIDEN‘s broad practice combines expertise in IT, IP and fintech law to assist clients with cryptocurrency, fintech licensing cases, tokenisation matters and crowdfunding issues. Practice co-head Rauno Kinkar is well versed in advising on Web3 projects, and practice co-head Henri Ratnik has extensive experience in regulatory matters. Dan-Erik Roosve assists with AML-related compliance cases.

Responsables de la pratique:

Rauno Kinkar; Henri Ratnik


Autres avocats clés:

Dan-Erik Roosve


Les références

‘The team has great synergy. You can feel that they support each other and almost work together as one.’

‘The team is very competent. They listen to you and try to find the best quality solution with the shortest possible time when you have time limitations. They care about their client, and they undertake their work with passion.’

‘WIDEN’s fintech team keeps things grounded and approachable.’

Principaux clients

Modena Estonia OÜ


Iute Group OÜ


AS TBB Pank


Eesti Üliõpilaskondade Liit


Sidekik OÜ


Axestreet OÜ


Coinmetro OÜ


Blocktrade Operations OÜ


Magnusson

Magnusson has a strong track record of acting in fintech matters, ranging from licensing agreements to assisting fintech companies with incorporation in Estonia. The team is well-versed in handling data privacy and regulatory cases in the fintech area, often in relation to licensing issues, as well as assisting with emerging technologies and digital services matters. Managing partner and practice head Jaanus Mägi has experience in advising on cross-border crypto asset recovery cases, which are also prominent in Marek Keiman's workload.

Responsables de la pratique:

Jaanus Mägi


Autres avocats clés:

Marek Keiman


Principaux clients

SEG EU OÜ


A group of creditors of CoinLoan


OmniMatrix OÜ


Nordiska Financial Partner Norway


Principaux dossiers


  • Advising a group of creditors of Estonian crypto lending platform CoinLoan on bringing claims against the platform, as well as representing the creditors’ interests in insolvency proceedings before the Estonian court.