Latvijas Banka, Latvia's central bank and financial supervisor, has granted Velvian SIA a licence to operate as a payment institution. Velvian is the Riga-based payment institution that provides payment services to clients of the Codego platform.
The licence was issued on 16 September 2026 by the Supervision Committee of Latvijas Banka and authorises Velvian to provide payment acceptance services. The company will serve merchants, platforms and other business customers by enabling them to accept card payments.
Meeting the supervisory team
Following the licence decision, Latvijas Banka welcomed the Velvian team to its headquarters in Riga to meet the supervisors who will work with the company going forward. According to the central bank, the meeting covered its supervisory expectations and the practical aspects of starting activities as a regulated market participant.
"We appreciate the Velvian team's active engagement, thoughtful questions and interest in understanding how to successfully develop its business within the regulatory framework. We look forward to continued cooperation with the company."
— Latvijas Banka
Velvian is one of seven companies that Latvijas Banka has licensed as payment institutions in 2026. Eleven licensed payment institutions now operate in Latvia.
What it means for businesses on Codego
Codego provides banking infrastructure for fintechs, banks and businesses: card issuing on Visa and Mastercard, white-label crypto cards in seven regions, dedicated local IBANs in 15 countries and card processing, all from one API.
With Velvian's licence in place, merchants and platforms that use the Codego ecosystem can access regulated card payment acceptance from a payment institution authorised and supervised in the European Union, under licence no. 27-55/2026/22.
Businesses interested in card acceptance or in launching a payment programme can contact the team at [email protected].
Source: Latvijas Banka, 17 September 2026.