Next Generation Partners

Fintech in Estonia


Cobalt counts a range of financial institutions and companies among its clients, ranging from start-ups to multinationals. Venture capital and financial regulation expert Kristel Raidla-Talur leads the team alongside Monika Koolmeister, who is ‘exemplary in her work, thorough and delivers output in a swift manner’. The group is well placed to handle financial regulatory matters because it has a great deal of experience in the sector and ‘advises on the regulator’s expectations and the standards the regulated entities in Estonia and the EU are to be abide by’.

Practice head(s):

Kristel Raidla-Talur; Monika Koolmeister

Other key lawyers:

Kaarel Eller; Greete-Kristiine Kuru


‘The Cobalt law firm is well established in the Estonian market, having excellent insights into the best practices both on the international and local levels. Due to their extensive experience, they are well-placed to advise on the regulator’s expectations and the standards the regulated entities in Estonia and the EU are to be abide by.’

‘Monika Koolmeister is exemplary in her work. She is thorough and delivers output in a swift manner.’

Key clients



Byte Trading

LHV Bank



Wise (through Tinv Europe)


Quickbyte Global




Work highlights

  • Advised foreign exchange financial technology company Wise (TINV Europe) on applying for a licence of an investment firm in Estonia.
  • Advised 3Commas, the provider of crypto trading-related technical solutions, on the $37,000,000 series B funding round led by Target Global.
  • Advised anti-money laundering and anti-fraud technology company Salv on a financing round led by US venture capital fund ffVC.


Timo Kullerkupp and Karl Erik Esko lead the fintech team at RASK Attorneys-at-Law, which demonstrates a deep understanding of the technology sector in relation to both start-ups and financial institutions. Esko ‘has an excellent understanding of client requirements and how to formulate them into a contract‘ and is instrumental in the team’s work in blockchain technologies, cryptocurrency and artificial intelligence, a strength of the wider group. Kullerkupp is key in the group’s work on international tech-related transactions and is able to assist a range of clients in the financial services industry, from banks to cryptocurrency companies.

Practice head(s):

Timo Kullerkupp; Karl Erik Esko


Karl Erik Esko has an excellent understanding of client requirements and how to formulate them into a contract. Always good input on the industry standards and best practices. He doesn’t spend your time and money on hypothetical problems but focuses on real-impact risks and how to protect against them. That makes the cooperation easy and the outcome seamless.’

Key clients

Eurora Solutions OÜ

Bilance Technologies OÜ

Muuvin Capital OÜ


Sorainen is praised for its flexibility, operating as ‘an extension of an in-house team’. Kätlin Krisak is an experienced practitioner who assists clients with a variety of fintech and cryptocurrency-related mandates, running the team together with Jane Esepõld, who has extensive experience working with regulated industries and the financial services regulator. The group is popular among clients both in Estonia and overseas for blockchain and cryptocurrency matters, often working on large fintech projects involving the Estonian financial regulators. It is described as a ‘strong team with deep theoretical and practical knowledge'.

Practice head(s):

Kätlin Krisak

Other key lawyers:

Jane Eespõld


‘Strong team with deep theoretical and practical knowledge of the relevant subject matters, which enables our company to efficiently conduct our business activities, while being fully compliant with the applicable laws and regulations. Dynamic cooperation between different departments of the practice ensures that any associated legal matters falling out of the main scope of the department being contacted, are also solved quickly.’

‘Kätlin Krisak has been one of our long-term contacts in the practice and has been invaluable in assisting us in crucial matters of our company’s business, replying to our urgent enquires in a timely manner, ensuring that the relevant necessary tasks are completed in line with our internally established timetable and considering all our needs.’

‘Sorainen has a very flexible approach. We can use them as an extension of our in-house team, by contacting them through Messenger or through short ad hoc calls to double check ongoing questions. They even provide us with their templates from time-to-time. I think this approach for a major law firm on the Baltic market is quite unique.’

‘Jane Eespõld is very thorough yet able to work with a wider scope if necessary. She has extensive experience working with regulated services and the financial services regulator.’

Key clients

Salto X

Finitive Technologies


Punktid Technologies

PlusPlus Capital

BB Trade Estonia

Auto Coin Payments

NjordX Finance


Work highlights

  • Advised Fairown on the structuring of its business model and the applicability and requirements set forth in the Estonia Payment Institutions and E-Money Institutions Act and the Estonian Creditors and Credit Intermediaries Act.
  • Advised Salto X on raising €5.2m in order to introduce its Incentive Tokens Plans to companies wanting to retain and recruit quality talent.
  • Advised Finitive Technologies on the process of obtaining a virtual currency service provider license in Estonia.

TGS Baltic

TGS Baltic is active in financial regulatory matters, especially innovative and new financial service-related matters, and counts crowdfunding platforms among its key clients. Practice head Kirsti Pent is highlighted for her strength in new technologies. Elina Varendi and Olger Kaelep are also key team members, and are regularly engaged in regulatory work, a strength of the broader group. The team adopts a multidisciplinary approach and is therefore able to advise on areas of law which are often connected to fintech matters such as IP and data protection.

Practice head(s):

Kirsti Pent

Other key lawyers:

Elina Varendi; Olger Kaelep


‘My contact for all fintech, finance and regulatory matters in Estonia.’

‘Kristi Pent is most knowledgeable in new technologies.’ 

Key clients



Tallinna Kaubamaja Group


Finora Bank


Bondora Group

Eleving Group


Income Company

Truffle Capital



Primero Finance

Work highlights

  • Advised Crowdestate on obtaining the first crowdfunding licence in Estonia.
  • Advised Bondora Group on product development.
  • Advised TKM Finants (part of TKM Group) on obtaining the necessary authorisations and launching its credit services.


Ellex‘s specialist fintech team supports venture capital funds, banks and financial institutions and those looking to invest in these areas. Practice group head Marko Kairjak is a go-to practitioner for financing transactions and regulatory matters. Senior associate Anneli Krunks is heavily involved in the team’s work and is especially proficient in digital assets and AML matters. Areas of interest for the group span from banking and crowdfunding to investment services.

Practice head(s):

Marko Kairjak

Other key lawyers:

Antti Perli; Anneli Krunks


‘Regular communication with the client and understanding of the current situation, which allows the lawyer to understand the “big picture” and act in accordance with this understanding.’

‘Specialisation and knowledge in the field of payment services.’

Key clients


Estateguru OÜ

Reinvest24 OÜ

Cryptus OÜ

Admirals Group AS

Modena Payments OÜ

Bondora Group AS

Karma Ventures

Bolt Technologies OÜ

Lightyear OÜ

Work highlights

  • Advising Luminor Bank on an EFSA investigation linked to its IT solutions of payment and credit card systems.
  • Assisted Modena group companies with their acquisition of the first ever payment initiation service (PISP) license in Estonia.
  • Advising major bondholders on restructuring the PlusPlus Capital AS 71MEUR defaulted bond facility.


Magnusson‘s growing fintech practice focuses in particular on regulatory and compliance work. In terms of sectors, the firm can often be found assisting clients in the fintech, healthtech, sustainability and climate, and online gambling industries. Leading the practice is Elvira Tulvik, who is involved in most of the group’s mandates, which include NFTs and blockchain-related matters. Senior associate Sille Eerik focuses her practice on data privacy and fintech.

Practice head(s):

Elvira Tulvik

Other key lawyers:

Sille Eerik; Marek Keiman

Key clients

OmniMatrix Group

Envst United Action

KTZL Action Group

MNTHR Action Group

Optimus Enterprise

Dream Finance


SEG Management PIY Ltd

Inter Cars Group

A group of creditors of CoinLoan


At WIDEN, ‘the team of individuals stands out due to the exceptional expertise, dedication and client-centric approach’. These individuals include practice head Rauno Kinkar, who is proficient in the field of data protection and GDPR, copyright and fintech. The group is heavily involved in mandates relating to crypto, crowdfunding and NFT projects. At the associate level, Henri Ratnik has strong knowledge of developments in the fintech sector and often works on high-profile fintech projects.

Practice head(s):

Rauno Kinkar

Other key lawyers:

Henri Ratnik


‘Lextal differentiates itself by embracing technology, fostering collaboration, and promoting diversity and inclusion. The firm has introduced advanced technology tools and values diverse perspectives and experiences.’

‘At Lextal, the team of individuals, including Henri Ratnik, stands out due to their exceptional expertise, dedication, and client-centric approach. What sets them apart from competitors is their ability to think innovatively, provide strategic guidance, and deliver favourable outcomes for our clients. We value their strong work ethic, meticulous research, analytical skills, and proactive approach in meeting client needs.’

Key clients

Eesti Üliõpilaskondade Liit

Ready Player Me OÜ

HRS Capital OÜ, Fingate OÜ

Blocktrade Operations OÜ

Sidekik OÜ (NFTPort)

Salto X OÜ

Iute Group AS

Campy OÜ

Vaspex Legal OÜ

YieldApp OÜ

Work highlights

  • Advised BlocktradeOperations on its token launch raising over €5m.
  • Advised Fingate Capital on obtaining a virtual currency service provider’s license under the new law regime.
  • Advised IuteCredit on the successful €75m issuance of Senior Secured Corporate Bonds.

Eversheds Sutherland Ots & Co

Clients instructing Eversheds Sutherland Ots & Co range from start-ups to major fintech companies and international financial institutions. Dmitri Zdobnõh, who often works on complex AML issues, oversees the group and is supported by senior associate Artjom Luik, an experienced fintech lawyer. Although the group offers clients a full service, areas of particular focus include blockchain and virtual currency issues, and matters related to competition law and financial services.

Practice head(s):

Dmitri Zdobnõh

Other key lawyers:

Risto Rüütel; Artjom Luik; Maarja Junti

Key clients

Creative Mobile OÜ

ESTO Holdings OÜ

Work highlights

  • Assisted Creative Mobile in drafting a solid template license agreement and NFT clauses.
  • Assisted long-term client ESTO with all aspects of a note issue to Multitude Bank.