ALTUM

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.

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

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

• Development finance
• State-backed loans
• Credit guarantees
• Venture capital funds
• Agricultural financing

Headquarters

HQ city

Riga

HQ country

Latvia

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. 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.
2. Commission Income: Income from guarantee programs and other financial instruments. Part of net interest and commission income from financial instruments portfolio.
3. 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

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core 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

Named customers6 records

Segments5 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature2 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Labklājības ministrija (Ministry of Welfare)coreStrategic or Co-development PartnerCo-implements social entrepreneurship grant program with ALTUM. Ministry registers social enterprises and organizes business idea competitions for grant eligibility.
• Zemkopības ministrija (Ministry of Agriculture)coreStrategic or Co-development PartnerCo-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)coreStrategic or Co-development PartnerAdministers EU agricultural support payments co-implemented with ALTUM financing programs for rural development and farmers.
• Partner BankscoreChannel Partner/ Reseller/ DistributorCommercial banks process guarantee applications on behalf of ALTUM, serving as distribution channel for state support programs through existing banking relationships.
• Nasdaq BalticminorStrategic or Co-development PartnerALTUM bonds listed on Nasdaq Baltic exchange. Participates in Nasdaq Sustainable Bond Network. Received investor relations awards.
• AECM (European Guarantee Institutions Association)minorStrategic or Co-development PartnerALTUM 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

Direct 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

• Xx.com/altumlv
• Facebookfacebook.com/altumlv

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ALTUM