Next Generation Partners

Fintech in Estonia


Cobalt is well known for handling complex financial regulatory matters and venture capital investments into promising fintech start-ups. The team regularly engages in assisting clients on licencing proceedings related to the various virtual currency related services and keeps a continuous dialogue with the Estonian Ministry of Finance on AML-related regulations. Kristel Raidla-Talur advises on venture capital and has extensive experience in financial regulatory matters, including e-money institutions, credit providers, fund managers and operating licences of banks. Greete-Kristiine Kuru is noteworthy for her advisory work on venture capital investments, having advised local venture capital funds on investing in promising start-ups in Europe and USA.

Practice head(s):

Kristel Raidla-Talur; Monika Koolmeister

Other key lawyers:

Greete-Kristiine Kuru; Kaarel Eller

Key clients



Byte Trading

LHV Bank









Work highlights

  • Advised 3Commas on developing the terms and conditions of their services and assessing the services from a regulatory (licencing) perspective.
  • Advised the leading European venture capital fund Redalpine Capital on a seed equity investment in Byte Trading.
  • Assisted Wise (TINV Europe AS) in relation to various regulatory queries related to Estonian law and regulatory practice, drafting of internal rules, management, and council training.


RASK Attorneys-at-Law is a leading legal advisor within the technology sector. The firm consults clients in various projects including start-ups on matters relating to blockchain, cryptocurrency and artificial intelligence. The team is a long-term legal advisor for some of the most internationally recognised Estonian technology companies such as Flizy and Cleveron. ‘Outstanding attorneyTimo Kullerkupp leads the team and has acted for numerous clients on all technology related matters, including major transactions. Karl Erik Esko  stands out for his extensive knowledge on business models based on innovative IT-platforms and blockchain technologies; he also handles the legal issues that come with digital technology and developing financial structures through private investors or crowdfunding platforms.

Practice head(s):

Timo Kullerkupp; Karl Erik Esko


‘The team is always available for the client, fast and results orientated. The value you get for the time spent by the team and invoiced to the clients, is extremely good!’

‘Timo Kullerkupp is an outstanding attorney with a very good knowledge of the market and always hands. He is calm, yet very convincing and pushing through his clients best interests.’


Key clients

Eurora Solutions OÜ

Fiizy OÜ

Cryplect OÜ

Work highlights


    Sorainen provides a wide range of services in fintech, with specialisations including alternative lending, payments, alternative fund management, banking, blockchain and cryptocurrencies. The team, headed by Kätlin Krisak , regularly advises on new blockchain-based business models that aim to disrupt the financial services sector. Krisak is a valued expert and her experience includes operations, licensing and regulatory matters; she has assisted numerous clients in communicating with the Financial Intelligence Unit, including advising clients on obtaining an AML license. Jane Eespõld is noteworthy for advising on complex fintech projects and being a go-to advisor in blockchain and cryptocurrency-related projects.

    Practice head(s):

    Kätlin Krisak

    Other key lawyers:

    Jane Eespõld

    Key clients

    Fairmus Technologies

    Bitpanda Issuance



    Punktid Technologies

    Work highlights

    • Advised Bitpanda Issuance on the process of passporting the issuing of 9bn fully-collateralized, exchange-traded cryptocurrency notes secured by crypto assets under its Prospectus in Estonia, Lithuania and Latvia.
    • Advised Fairmus Technologies on the issuance of gratitude tokens to its users via blockchain.
    • Assisted global fintech Wise with the launch of its customer shareholder program, OwnWise.

    TGS Baltic

    TGS Baltic is recognised as a market leader in fintech and innovation, advising local leading crowdfunding platforms on setup and market entry, alongside expansion into foreign markets. The team is focused on regulatory work, with an emphasis on obtaining activity licenses and representing clients in supervisory proceedings, attracting work from both local and international clients. One of the firm’s priorities has been advising financial institutions on AML obligations and application of financial sanctions to ensure comprehensive risk assessments and internal procedures are carried out. Kirsti Pent is considered to be a heavyweight in fintech, and is renowned for advising a wide range of companies such as crowdfunding and P2P lending companies on regulatory matters, developing new products and preparing standard documents.

    Practice head(s):

    Kirsti Pent

    Other key lawyers:

    Elina Varendi; Olger Kaelep


    ‘Kirsti Pent: innovative thinker, most knowledgeable on new technologies.’

    ‘We have had experience with TGS’s Fintech team mainly from the point of view of sanction compliance in the EU and I think their team did grasp, with little notice, a really politically loaded and time-sensitive topic as the increasing sanctions control towards Russia and its allies. So, I’d say being able to navigate in unclear waters during turbulent times is what has helped us the most.’

    ‘Kirsti Pent – responsive, forward-thinking and a top advisor in the field.’

    Key clients



    Tallinna Kaubamaja Group


    Finora Capital



    Eleving Group

    Bondora Group

    Income Company

    Truffle Capital


    Work highlights

    • Advised TKM Finants AS, a company belonging to the Tallinna Kaubamaja Group, on successfully applying for a creditor’s activity license from the Estonian Financial Supervision Authority.
    • Main legal advisor in the issue of senior-secured bonds of EUR 16,000,000 by ESTO Holdings OÜ. The companies belonging to the ESTO group, including ESTO AS, which has a creditor’s activity license in Estonia, provide automated financing and payment solutions in all three Baltic States.
    • In October 2021, Eleving Group issued bonds in the amount of EUR 150,000,000 to be listed on the Frankfurt Stock Exchange. It was one of the largest bond issuances by a private company in the Baltics. We helped Eleving Group establish and register collateral securing the issue in Estonia.


    Magnusson‘s technology law practice is growing steadily, with a focus on the fintech and the regulatory and compliance side. The firm is well known for advising on emerging new technologies, such as NFT’s, facial recognition, blockchain forensics. Elvira Tulvik leads the practice and is supported by senior associate Sille Eerik who specialises in both fintech and data privacy, routinely advising on various cross border finance projects.

    Practice head(s):

    Elvira Tulvik

    Other key lawyers:

    Sille Eerik


    Ellex provides fintech-related support to banks, financial institutions, venture capital funds and those looking to invest in these areas. The firm has a busy practice advising established players on fostering and leveraging technological innovation, protecting and enhancing technology and trade secrets. Marko Kairjak has high expertise in numerous financing transactions and regulatory matters within alternative financing, having been involved in the setup of some of the region’s crowdfunding platforms. Ants Nõmper is a widely recognised expert who has experience with some of the most complex and business critical IT, technology driven and outsourcing projects. Merlin Liis-Toomela  stands out for her work combining data protection and IP, having advised fintech clients on all aspects of data protection and privacy including outsourcings, complex data sharing arrangements and information governance.

    Practice head(s):

    Marko Kairjak

    Other key lawyers:

    Ants Nõmper; Merlin Liis-Toomela


    ‘Estonian Ellex has a great legal team in fintech industry. That is where they regularly help us on various legal matters related to IT and fintech regulations, virtual assets and etc. Ellex team has a great circle of competences and very dedicated to think together with us and finding best solutions. Highly professional and cooperative approach.’

    ‘We work mainly with Marko Kairjak. Marko is great leader of fintech team, has exceptional knowledge of EU regulatory landscape and various practices applicable. He motivates and leads his team in a way that all team members deliver professional advice and attitude.’

    ‘To us these are two attributes that all law firms claim to possess but at least in Estonia only a very limited number actually have: A: business-first approach – the law firm first makes effort to understand the client’s business needs instead of trying to sell its standard solutions. B: risk-based approach – the law firm is willing to evaluate individual risk levels of different proposed solutions instead of only providing 110 % safe solutions which have little business value.’

    Key clients

    IUVO Group OÜ

    Estateguru OÜ

    Reinvest24 OÜ

    Cryptus OÜ

    Admirals Group AS

    Fortumo OÜ

    BlackFin Capital Partners

    Karma Ventures

    Bolt Technologies OÜ

    Lightyear OÜ

    Work highlights

      Hedman Partners

      Hedman Partners is home to Toomas Seppel who regularly advise clients in areas such as crowdfunding services, tokenising assets, obtaining activity permits to provide modern financial or payment services, and providing blockchain solutions for the gaming industry. The team works closely with Estonia’s legislative bodies to ensure their advice is up-to-date when new laws and initiatives are passed and assist the government in the creation of these laws. Vladislav Linko is a name to watch for his experience in regulatory advice and cryptocurrency licensing.

      Practice head(s):

      Toomas Seppel

      Key clients

      Talent Protocol

      Wallet Solutions OÜ

      Work highlights

      • Advised Talent Protocol on the implementation of a non-profit talent support-oriented platform and eventual implementation of web 3/DAO elements into the system.
      • Assisted Wallet Solutions OÜ with the launch of an NFT Platform focused on chess-related artwork made in co-operation with FIDE (International Chess Federation).


      LEXTAL is a prominent name within the web3 and virtual assets sectors, having been involved in the granting of one of the market’s first crypto licences. The firm specialises in software development agreements, cryptocurrencies, ICO and tokenisation projects. Rauno Kinkar provides innovative and digital law solutions to innovators, while Henri Ratnik deals with legal issues regarding innovative financial/services, IT-solutions, IP, web3 and data protection (GDPR).

      Practice head(s):

      Rauno Kinkar

      Other key lawyers:

      Henri Ratnik


      ‘The team is very diverse. We have worked with some of the team members and what we like is that they are interested to go deep into thoughts about the Company and business, so that they wouldn’t just offer ready-built solutions and documentation frameworks form the apst, but they are very open to come up with new solutions and possivilities.’

      ‘Rauno Kinkar is the main person we worked together with. He is very easy and business-oriented person. Quickly finds same language with possible clients and makes his legal talk understandable for non-legal people as well. He is open to discuss ideas outside of usual scope. And he is willing to come out of the usual expectations that lawyers do, while giving the clients more than just memos or rewritten clauses.’

      Key clients

      IuteCredit Europe AS

      Credito24 LTDA

      Tiiu Järviste

      Eesti Üliõpilaskondade Liit

      OÜ SALTO X

      Ready Player Me (Wolfprint 3D OÜ)

      Campy OÜ

      Sidekik Inc and Sidekik OÜ (NFTPort)

      C2C OÜ

      Fingate OÜ

      Work highlights

      • Advised IuteCredit OÜ in their bond issue.
      • Advised Credito24 LTDA with obtaining financing from Estonian and Finnish investors for its consumer financing business in Brazil.
      • Advising Ready Player Me in their advance into the NFT world – i.e., tokenisation of their digital art in the form of NFT based avatars.

      Eversheds Sutherland Ots & Co

      Eversheds Sutherland Ots & Co assists both local and international clients on complex operations including financial institutions, insurance companies, payment service providers and a growing number of start-ups. Many of the established Estonian e-residents have instructed the firm to advise on various cryptocurrency issues or organisational establishment matters, such as by procuring required licences. Artjom Luik  is head of the fintech department, having worked with some of Estonia’s prominent clientele. Maarja Junti advises clients on all aspects of matters involving blockchain and virtual currencies, whereas Dmitri Zdobnõh is regularly involved in the group’s standout matters.

      Practice head(s):

      Risto Rüütel; Artjom Luik

      Other key lawyers:

      Maarja Junti; Dmitri Zdobnõh


      ‘Solid understanding of the legal and regulatory landscape.’


      Key clients


      IPF Digital AS

      TextMagic Limited

      Xolo OÜ

      Work highlights

      • Assisted IPF Digital on the setting up of the provision of the e-money and payment services in Estonia, which encompasses drafting, reviewing, and translating relevant legal documentation.
      • Advised the client on listing on an MTF (First North Baltic). The mandate includes devising a suitable structure for the listing (via creation of an Estonian parent entity), legal due diligence, preparation of a prospectus as well as advice on structuring of the group’s assets through the relevant jurisdictions.
      • Assisted Xolo OÜ in relation to the issuing of convertible bonds to current shareholders and new investors.


      Triniti has a cross-disciplinary practice which combines its banking and finance group with fintech experts, working with start-ups in providing financial services alongside established banking and finance clients as well as payment institutions, e-money institutions and providers of virtual currency. The team engages with a range of different services including ICO, cryptocurrency and token related legal issues, fund formation, bond issues and financial dispute resolution. Katri Tomson is specialised in anti-money laundering requirements and internal procedures starting from banks, creditors and fintechs, whereas Valter Võhma is an expert in advising the start-up sector, fundraising transactions, private equity, venture capital transactions and M&A.

      Practice head(s):

      Katri Tomson

      Other key lawyers:

      Ergo Blumfeldt; Sten Veidebaum; Maarja Pild; Maarja Lehemets; Valter Võhma; Martin Järve

      Key clients

      Veriff OÜ

      Estateguru OÜ and Estateguru tagatisagent OÜ

      Crumblo OÜ

      SALV Techlologies OÜ

      Bankish AS

      Work highlights

      • Counselling and supporting Veriff to ensure compliance of Veriff’s verification tool. Veriff OÜ is one of the world’s leading verification and KYC service provider, enabling online verification for more than 9000 different government issued ID-documents.
      • Providing management services and security agent services to EstateGuru OÜ and Estateguru tagatisagent OÜ. EstateGuru is one of the biggest crowd-financing platforms in Estonia that is also active in other countries (such as Latvia, Lithuania, Finland, Germany, UK, Portugal, Spain).
      • Advising SALV in launching its newest product – SALV Bridge, an information and data-exchange platform that helps banks to exchange and enrich data on bad actors, enabling one another to strengthen their respective AML efforts.