BluOr Bank

What BluOr Bank does

BluOr Bank AS is a 100% Latvian-capital commercial bank founded in 2001, headquartered in Riga, Latvia, and serving both corporate and retail customers across the Baltic region. The bank operates a comprehensive digital banking platform comprising an internet banking portal (ib.bluorbank.lv), iOS/Android mobile applications (BluOr Bank and BluOr Bank FX), a payment gateway (gateway.bluorbank.lv), a business-facing API, and Open Banking-style integrations with eParaksts Mobile and Smart-ID for secure customer authentication. Its core products span business lending (87% SME-focused), mortgage and consumer credit, deposits (LĪGO, Night, Special), payment cards with Apple Pay/Google Pay, asset management (the largest private asset manager in Latvia), brokerage, documentary operations, and e-commerce acquiring.

The bank makes money primarily through net interest income on its EUR 781 million loan portfolio, supplemented by fee income from card acquiring (EUR 22 million monthly turnover), asset management (AUM up 113% in 2025), brokerage, and transaction-based services. It sells through a relationship-driven sales motion via two physical locations in Riga (Jēkaba iela 2 client centre and Smilšu iela 6 head office), complemented by self-service digital channels (internet bank, mobile app, Online Cabinet for remote onboarding) and regional expansion across Estonia and Lithuania. Customer base grew 35% in corporate and 16% in retail segments over the trailing 12 months, with a stated strategy to significantly expand mortgage and consumer lending in 2026 alongside API-enabled business services and EU-backed green finance via the EIF InvestEU programme (up to EUR 30 million capacity).

Name

BluOr Bank

Legal name

BluOr Bank AS

Website

https://bluorbank.lv

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

251–500 employees

Short description

BluOr Bank is a 100% Latvian-capital commercial bank founded in 2001, serving SMEs, large corporates, and retail customers in the Baltic region with lending, deposits, asset management, card acquiring, and digital banking services via internet bank, mobile app, and API.

Ownership category

akta.pro rank

Product category

Commercial Banking

NAICS

Commercial Banking (522110), Commercial Banking (52211), Depository Credit Intermediation (5221)

SIC

Commercial Banks, Nec (6029), State Commercial Banks (6022)

akta.pro primary industry

General SME & Middle-Market Commercial Banking (FSABABAA)

akta.pro secondary industries

SME Business Lending (Term Loans, Lines of Credit, Overdrafts) (FSABABAB), SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC), SME Commercial Real Estate (CRE) Lending (FSABABAG), SME Trade Finance & Working Capital (LCs, Guarantees, Receivables) (FSABABAF)

Keywords

• Commercial banking services
• Business lending
• Retail banking
• Mortgage loans
• Asset management

Headquarters

HQ city

Riga

HQ country

Latvia

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Business Lending: The bank earns interest income from corporate lending activities. In 2025, new loan agreements reached EUR 325 million (approximately 28% increase YoY), with 87% directed to small and medium enterprises. The total loan portfolio reached EUR 781 million, representing 30% growth. This is the primary revenue driver.
2. Mortgage and Retail Lending: Interest income from mortgage loans (home purchase, construction, refinancing) and consumer lending for private individuals. The bank plans to significantly expand mortgage and consumer lending in 2026.
3. Asset Management Fees: Fees from managing client assets. Total assets under management grew 113% in 2025 with 89% increase in client count. Investment portfolio values grew on average 31%, indicating fee income from this segment.
4. E-commerce and Card Payment Services: Revenue from card acquiring services (merchant services) and POS terminal rental. Card acquiring turnover grew 134% to EUR 22 million monthly. Unique transactions reached 800,000 per month by year-end 2025.
5. Deposits and Savings Products: Term deposits (LĪGO deposit 3.5% per annum, Night deposit, Special deposit), night deposits, and other savings products. The bank uses deposits as a funding source for lending activities.
6. Capital Market Services: Revenue from BluOr Bank bonds (bank issued bonds raising Tier 1 capital), capital raising in debt markets, and brokerage services for clients.
7. Documentary Operations and Documentary Credits: Fees from documentary operations including letters of credit and guarantees for business clients.

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels6 records

Core offering

BluOr Bank is a 100% Latvian-capital commercial bank providing tailored banking services to Latvian SMEs, large enterprises, and private individuals. Core offerings include corporate and SME lending (87% of financing), mortgage and consumer loans, deposits, payment cards, asset management, brokerage, e-commerce card acquiring, POS terminal rental, and digital banking platforms (internet bank, mobile app, and Open Banking API). The bank operates a licensed credit institution model under Latvian regulatory oversight with EUR 1.143 billion in total assets as of end-2025.

Product overview

BluOr Bank is a 100% Latvian-capital bank founded in 2001, offering a comprehensive suite of banking products and services to both private individuals and corporate clients. The product portfolio centers on three core platforms: Internet Banking (web-based account management), the BluOr Bank Mobile App (iOS/Android), and the BluOr Bank API (for business integrations). For retail customers, key offerings include the LĪGO Deposit (3.5% promotional term deposit), Night Deposit, Special Deposit, Asset Management (the largest private asset manager in Latvia), Brokerage Services, BluOr Bank Bonds, VISA Payment Cards with Google Pay/Apple Pay support, Mortgage Loans (home purchase, construction, refinancing, investment properties), Currency Exchange, and Safe Deposit Box Rental. For corporate clients, the bank provides Business Lending, E-commerce Payment Acceptance (processing EUR 22M monthly with 800K monthly transactions), POS Terminal Rental, Visa Business Cards, Documentary Operations, Capital Raising in Debt Markets, Financing with EIF Support (up to EUR 30M for green investments), Temporary Accounts, and the BluOr Bank API. The product ecosystem is complemented by the BluOr Bank FX mobile app (FX trading) and an Online Cabinet for remote account opening.

Differentiator

Problem solved

Functional benefit

Brands

• BeOpen Foundation: Charity foundation established by BluOr Bank to support children with special needs and individuals with serious diagnoses

Products and services

• Mortgage Loans Home financing products for private individuals including mortgages for apartment and house purchase, construction loans with staged disbursements, refinancing of existing mortgages, and loans for investment properties including foreign real estate.
• Business Lending Tailored corporate financing solutions for businesses including working capital loans, investment financing, and bespoke lending arrangements. In 2025, new loan agreements reached EUR 325 million with 87% directed to SMEs.
• VISA Payment Cards VISA-branded payment cards for private individuals with contactless payment capabilities including Google Pay and Apple Pay integration, flexible payment options, and 24/7 card controls through the mobile app.
• Visa Business Cards Business payment cards for corporate clients providing expense management and payment solutions for companies.
• LĪGO Deposit Term deposit product offering 3.5% annual interest on 12-month deposits, covered by deposit guarantee protection under the Deposit Guarantee Law.
• Night Deposit Overnight deposit product allowing customers to earn variable interest on funds while maintaining immediate access to their money.
• Special Deposit Specialized deposit product with tailored terms and conditions for customers seeking fixed-income savings solutions, with interest rate and terms available upon request.
• Asset Management Professional asset management and wealth management services for private and corporate clients. Total assets under management grew 113% in 2025 with an 89% increase in client count, and investment portfolio values grew on average 31%.
• Brokerage Services Securities trading and investment brokerage services enabling clients to access financial markets and manage investment portfolios with transaction-based pricing.
• BluOr Bank Bonds Bank-issued bonds offered to investors as fixed-income investment opportunities, with proceeds used for capital raising purposes.
• E-commerce Payment Acceptance Online payment acceptance services enabling merchants to process e-commerce transactions with international coverage expanded in 2025 to include Australia, Canada, Israel, and Japan.
• POS Terminal Rental Point-of-sale terminal rental services for physical merchants, supporting card payment acceptance in retail environments.
• BluOr Bank API Application programming interface enabling business customers to integrate with BluOr Bank's services programmatically for Open Banking functionality.
• Safe Deposit Box Rental Secure vault storage rental for valuables and documents, described as one of the largest in the Baltic region with high security standards.
• Capital Raising in Debt Markets Debt capital market services helping companies raise funds through bond issuance and other debt instruments, including advisory and execution.
• Financing with EIF Support Sustainable business financing backed by European Investment Fund guarantees under the InvestEU programme, offering up to EUR 30 million for green investment projects supporting SME development.
• Temporary Account Temporary business account services for corporate clients requiring short-term or transitional banking solutions.
• Payment Gateway Online payment gateway (gateway.bluorbank.lv) used by online merchants for payment initiation services, redirecting customers to authenticate via their bank with 3D Secure protocol.
• Documentary Operations Documentary banking operations including letters of credit, guarantees, and other documentary instruments for international trade.
• Online Cabinet Client web portal (online.bluorbank.lv) for remote account opening applications, accessible via eParaksts Mobile, Smart-ID, or email authentication.
• BluOr Bank Mobile App Mobile banking applications (BluOr Bank and BluOr Bank FX) for iOS and Android offering account management, payment card controls, FX services, and 24/7 payment card blocking with light/dark display modes.
• BluOr Bank Internet Banking Secure internet banking platform accessible at ib.bluorbank.lv, supporting payments, account management, and transaction monitoring with strong customer authentication via Digipass or Mobile Digipass.
• Currency Exchange and Calculator Currency conversion tool and exchange services for customers needing to convert between currencies.

Quantifiable outcome

• EUR 18.1M profit in 2025 with ROE of 18.68% and ROA of 1.65%
• +6 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature5 records

Partnerships

Three partnerships are on record, tiered core and major.

• Leading Northern European Payment ProcessorcoreTechnology or Integration · 1 January 2025BluOr Bank partners with a leading Northern European payment processing service provider, part of a major European payment technology group. The partnership covers card and payment transaction processing, fraud prevention solutions, and 3D Secure protocol implementation for e-commerce security. Customer support outside bank business hours is also provided through this partnership.
• Signet BankmajorChannel Partner/ Reseller/ Distributor · 1 January 2025BluOr Bank co-financed the CENTRUS quarter development project in Riga city centre with Signet Bank. The total project investment is EUR 30 million, with BluOr Bank and Signet Bank providing EUR 25 million in combined financing. This represents a significant co-financing partnership for a major real estate development.
• BeOpen FoundationcoreOthersThe bank's charity foundation (beopen.lv) supports children with special needs and individuals with serious medical diagnoses. The foundation is open to collaboration and grateful to all donors who wish to contribute to positive social change. The foundation organises regular charity marathons and various charitable initiatives.

Scale indicators21 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Citadele banka: Latvian-licensed bank with comparable SME and retail banking focus, similar mid-sized balance sheet, and overlapping product set including lending, deposits, cards, and asset management — directly competitive in BluOr's home market.
• Signet Bank: Latvian private bank of similar scale that has co-financed real estate deals with BluOr (e.g., CENTRUS). Comparable business mix across corporate lending, private banking, and asset management for the Latvian client base.
• Rietumu Banka: Latvian private bank serving corporate and high-net-worth clients with lending, trade finance, and wealth management — overlapping with BluOr's SME lending, real estate financing, and asset management franchises.
• Expobank (formerly Latvijas Krājbanka): Latvian-licensed bank of similar scale focused on corporate and retail banking — directly competes with BluOr in SME lending, deposits, and payment services within the Latvian market.

Broad incumbents

• Luminor Bank: One of the largest Baltic banking groups with full-service corporate, SME, retail, and digital banking across Latvia, Estonia, and Lithuania — a broad incumbent competing directly across most of BluOr's product set at greater scale.
• Swedbank Latvia: Largest Baltic retail and corporate bank with extensive branch network, mortgage franchise, and SME lending — competes with BluOr across deposits, mortgages, payment cards, and corporate banking in Latvia.
• SEB Banka: Major Baltic bank with comprehensive corporate, SME, retail, and wealth management offerings — comparable mortgage, lending, and asset management products to BluOr, with much larger balance sheet and distribution.

Regional players

• Bigbank: Estonian-headquartered consumer and SME lender with Baltic operations — comparable in consumer lending, mortgage, and SME credit products, particularly as BluOr expands its retail mortgage book.
• Inbank: Estonian-headquartered niche bank with Baltic presence in consumer lending, deposits, and payment solutions — comparable in scale and product mix, providing similar digital-first banking services in the region.
• Coop Pank: Estonian bank with similar growth-oriented profile serving retail and SME customers — comparable balance-sheet scale, digital banking focus, and SME lending orientation in the wider Baltic market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/bluorbank
• Facebookfacebook.com/bluorbank
• LinkedInlinkedin.com/company/bluor-bank

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments2 records

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

Frequently asked questions about BluOr Bank