ALTUM
ALTUM is a Latvian state-owned development finance institution offering loans, guarantees, venture capital, and grants to households, farmers, SMEs, and social enterprises. It is wholly owned by three Latvian ministries and finances operations through state equity, EU funds, and bond issuances.
- Company typePrivate
- Founded2013
- HeadquartersRiga, Latvia
- Headcount101–250
- GTM typeB2B and B2C
- OfferingServices
What ALTUM does
ALTUM (AS "Attīstības finanšu institūcija Altum") is a Latvian state-owned development finance institution established in 2013 through the consolidation of three predecessor state financial bodies (Latvian Mortgage and Land Bank, Latvian Guarantee Agency, and the Rural Development Fund), with the unified entity legally formed in April 2015. It is wholly owned by the Latvian state through three ministries (Finance 40%, Economics 30%, Agriculture 30%) and operates as a non-deposit-taking financial institution offering loans, guarantees, venture capital investments, and grants to households, farmers, SMEs, and social enterprises in Latvia.
The institution's product portfolio spans housing guarantees and subsidies for families with children, young specialists, and military personnel; agricultural loans and credit guarantees; SME financing including startup loans, large investment loans with capital discounts, green and digitalization loans, and export credit guarantees; venture capital funds (including the Three Seas Initiative Investment Fund and the Baltic Innovation Fund 3); social entrepreneurship grants of EUR 10,000–200,000; and the Latvijas Zemes fonds land fund. Underlying infrastructure includes the mans.altum.lv digital client portal with multi-factor authentication (internet banking, eID card, eParaksts electronic signature, eParaksts Mobile), a network of five regional centers across Latvia, and partnerships with commercial banks that distribute guarantee products.
ALTUM's revenue model is hybrid: net interest income from its loan portfolio (EUR 23.0 million in 2024, up from EUR 17.8 million in 2023) represents earnings from lending operations, supplemented by commission income from guarantee programs and managed services funded by EU structural funds, the European Investment Fund, European Investment Bank, and the Latvian state. The institution does not take customer deposits; instead, it finances operations through state equity, EU funds, and capital market borrowings including green bonds (in which it was the first CEE national DFI, beginning in 2017). It maintains a Baa1 (Stable) credit rating from Moody's since 2017 and uses capital discounts, zero-interest loans for border regions, and subsidized terms to operate as a market-gap-filler rather than a direct competitor to commercial banks.
ALTUM firmographics
Firmographics- Name
- ALTUM
- Legal name
- AS "Attīstības finanšu institūcija Altum"
- Website
- https://altum.lv
- Company type
- Private
- Founded year
- 2013
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- ALTUM is a Latvian state-owned development finance institution offering loans, guarantees, venture capital, and grants to households, farmers, SMEs, and social enterprises. It is wholly owned by three Latvian ministries and finances operations through state equity, EU funds, and bond issuances.
- Ownership category
- akta.pro rank
ALTUM industry classification
Industry- Product category
- Development Finance / State Development Bank
- NAICS
- Commercial Banking (52211), Other Financial Vehicles (52599)
- SIC
- Federal & Federally-Sponsored Credit Agencies (6111), Finance Services (6199)
- akta.pro primary industry
- Debt Relief, Restructuring & Sovereign Financing Support (BPADAOAH)
- akta.pro secondary industries
- Agricultural & Rural Cooperatives (Farm Credit/Co-op Banks) (FSABAEAG), Student/University Credit Unions (FSABAEAJ)
Keywords
Where ALTUM is headquartered
LocationHeadquarters
- HQ city
- Riga
- HQ country
- Latvia
- HQ region
- Europe
Offices4 records
Markets served
ALTUM business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales
Revenue model
- Net Interest Income: Interest income generated from loan portfolio. In 2024: EUR 23,026 thousand (2023: EUR 17,765 thousand). Represents core earnings from lending operations.
- Commission Income: Income from guarantee programs and other financial instruments. Part of net interest and commission income from financial instruments portfolio.
- Public Funding Programs: Funding from EU funds (ES fondi), European Investment Fund, European Investment Bank, and national government programs to implement state support programs without generating direct revenue but enabling operations.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Social Entrepreneurship Grants: EUR 10,000 to 200,000 |
| Other | Multi-year contract | Zero-interest loans for border regions |
| Subscription | Annual | Housing guarantees and loans with capital discounts |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels7 records
ALTUM product offering
Product offeringCore offering
ALTUM is a Latvian state-owned development finance institution that provides loans, credit guarantees, venture capital investments, and grants to individuals, farmers, businesses, and social enterprises in sectors where commercial financing is unavailable or insufficient. The institution complements commercial bank offerings by deploying EU funds, state capital, and capital market borrowings (including green bonds) to deliver below-market interest rates, capital discounts, and subsidized support programs.
Product overview
ALTUM (Attīstības finanšu institūcija Altum) is a Latvian state-owned development finance institution offering a comprehensive suite of financial instruments for individuals, farmers, and businesses. The product portfolio includes: (1) Housing support programs with guarantees and subsidies for families with children, young specialists, and military personnel; (2) Agricultural financing including loans and credit guarantees co-financed by EU funds; (3) Business financing through start-up loans, working capital, large investment loans, green business support, energy efficiency, digitalization, and export credit guarantees; (4) Investment funds including venture capital, IPO preparation, and the Three Seas Initiative; (5) Social entrepreneurship grants (10,000-200,000 EUR); and (6) Latvijas zemes fonds for agricultural land transactions. The mans.altum.lv digital platform enables electronic applications and document submission.
Differentiator
Problem solved
Functional benefit
Brands
- Latvijas Zemes fonds: Land Fund of Latvia - a program that buys, leases, and sells agricultural land to farmers, operating on market principles.
- Sociālās uzņēmējdarbības programma (SU2)
- ALTUM Zaļās obligācijas
Products and services
- Mājokļu garantija ģimenēm ar bērniem (Housing Guarantee for Families with Children)
Quantifiable outcome
- 40,000+ families and young specialists achieved housing with ALTUM guarantees
- +5 more outcomes
Companies that use ALTUM
Customer profileNamed customers6 records
Segments5 records
Ideal customer profiles6 records
ALTUM technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration4 records
Feature2 records
ALTUM partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and minor.
- Labklājības ministrija (Ministry of Welfare)coreCo-implements social entrepreneurship grant program with ALTUM. Ministry registers social enterprises and organizes business idea competitions for grant eligibility.
- Zemkopības ministrija (Ministry of Agriculture)coreCo-finances agricultural support programs through European Agricultural Fund for Rural Development. Ministry provides policy direction for agricultural lending and guarantees.
- Lauku atbalsta dienests (Rural Support Service)coreAdministers EU agricultural support payments co-implemented with ALTUM financing programs for rural development and farmers.
- Partner BankscoreCommercial banks process guarantee applications on behalf of ALTUM, serving as distribution channel for state support programs through existing banking relationships.
- Nasdaq BalticminorALTUM bonds listed on Nasdaq Baltic exchange. Participates in Nasdaq Sustainable Bond Network. Received investor relations awards.
- AECM (European Guarantee Institutions Association)minorALTUM is board member of European Association of Guarantee Institutions, sharing best practices in guarantee schemes across Europe.
Scale indicators14 records
Recent moves8 records
Expansion highlights6 records
ALTUM competitors and assessment
Company assessmentDirect peers
- KfW Group: Germany's state-owned development bank providing loans, guarantees, and venture capital to support SME, housing, and green transition. Most comparable as a national DFI with similar product breadth and state-mandated mission.
- Bpifrance: French public investment bank providing financing, guarantees, and equity to SMEs, startups, and innovation. Directly comparable as a state-backed institution combining commercial bank, DFI, and VC activities.
- Českomoravská záruční a rozvojová banka (ČMZRB): Czech state development bank providing SME loans, guarantees, and EU fund distribution. Closely comparable to ALTUM as a smaller EU-member state DFI with similar SME-focused mandate and EU funding dependency.
- Bank Gospodarstwa Krajowego (BGK): Polish state development bank providing loans, guarantees, and EU fund distribution to SMEs, municipalities, and infrastructure. Closely comparable as a larger Central European state DFI with multi-vertical mandate.
- INVEGA: Lithuania's state-owned investment and business guarantee fund. Highly comparable as a neighboring Baltic DFI providing SME guarantees, loans, and EU fund distribution.
- Slovenský záručný a rozvojový banka (SZRB): Slovak state development bank supporting SMEs through loans, guarantees, and EU fund distribution. Comparable as a smaller EU-member state DFI with similar SME-focused development mandate.
Broad incumbents
- European Investment Bank (EIB): EU's lending arm and a key ALTUM co-financing partner. Compares as a larger supranational DFI providing loans, guarantees, and equity across EU member states including through ALTUM.
- European Investment Fund (EIF): EU's specialized VC and guarantee vehicle, a core ALTUM partner co-financing Baltic Innovation Fund and VC programs. Comparable as the EU-level fund-of-funds enabling ALTUM's venture activities.
- Nordic Investment Bank (NIB): Nordic-Baltic multilateral development bank providing loans and guarantees to member countries. Comparable as a regional development finance institution with overlapping Baltic exposure.
- European Bank for Reconstruction and Development (EBRD): Multilateral DFI active across Central and Eastern Europe including Latvia. Comparable as a larger pan-regional DFI providing loans, equity, and guarantees to private sector and infrastructure projects.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
ALTUM social profiles
Digital presenceALTUM compliance and trust
Trust signalCompliance7 records
ALTUM financial estimates
Financial estimateRevenue estimate
Valuation estimate
ALTUM leadership team
Management profileNumber of profiles
Profiles9 records
ALTUM subsidiaries and ownership
Company hierarchySubsidiaries1 record
ALTUM funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
ALTUM M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about ALTUM
What does ALTUM do?
ALTUM is a Latvian state-owned development finance institution that provides loans, credit guarantees, venture capital investments, and grants to individuals, farmers, businesses, and social enterprises in sectors where commercial financing is unavailable or insufficient. The institution complements commercial bank offerings by deploying EU funds, state capital, and capital market borrowings (including green bonds) to deliver below-market interest rates, capital discounts, and subsidized support programs.
Is ALTUM a public or private company?
ALTUM is a private company. It is classified as state government owned and is currently operating.
When was ALTUM founded?
ALTUM was founded in 2013. It employs 101 to 250 people.
Where is ALTUM based?
ALTUM is headquartered in Riga, Latvia, in the Europe region.
How does ALTUM make money?
Three revenue lines are on record. Net Interest Income is the primary driver. The others are commission Income and public Funding Programs.
Who are ALTUM's main competitors?
Direct peers on record are KfW Group, Bpifrance, Českomoravská záruční a rozvojová banka (ČMZRB), Bank Gospodarstwa Krajowego (BGK), INVEGA and Slovenský záručný a rozvojový banka (SZRB). Broad incumbents are European Investment Bank (EIB), European Investment Fund (EIF), Nordic Investment Bank (NIB) and European Bank for Reconstruction and Development (EBRD).
Does ALTUM have an API?
No public API is recorded for ALTUM.
What industry is ALTUM in?
ALTUM's product category is Development Finance / State Development Bank. Its primary akta.pro industry code is BPADAOAH, Debt Relief, Restructuring & Sovereign Financing Support, with a secondary code of FSABAEAG, Agricultural & Rural Cooperatives (Farm Credit/Co-op Banks). Its NAICS code is 52211 and its SIC code is 6111.