Latvian company Spell provides the technological basis for payment processing

Latvian financial technology company Spell develops and offers a software platform for the payment processing business. The company operates in a very specific niche – Spell does not compete with payment service providers but provides payment institutions and payment service companies with the technological basis for payment processing. The company’s solution is offered as SaaS (software as a service) and is used daily by banks and other financial sector companies. One of the best-known examples of Spell platform in use in the Baltics is Citadele Bank’s payment solution Klix. 

The company was founded in the second half of 2018, bringing together co-founders with previous experience in payment processing. “We founded the company based on our team’s previous experience in payment technologies, or PayTech. After completing work on another project, we decided to turn our accumulated knowledge into a new product. The entire platform was developed from scratch, rather than adapting an existing solution. It is a functional product that can be and is customised to the requirements of different countries and markets,” explains one of the company’s co-founders Jevgēnijs Novickis.  

The first years of the company’s operation were devoted to the technological development of the platform, while it has been available on the market as a fully-fledged product for about six years. 

Clients us the Spell platform for various purposes – to reduce operational costs, including customer activation, pricing and team management processes as well as to increase revenue.  

In the company’s view, there are many payment processing companies in the world, but there are still relatively few payment technologies available as a service, and there is a shortage of modern, high-quality products. The best technological solutions on the market belong to large global market players and are not offered to other industry participants. Spell’s main customers are payment service providers, payment institutions, banks, and financial technology companies that need a competitive, stable, and scalable payment infrastructure. 

The company’s solution is used by customers and partners in Europe, Africa, and Asia. Overall, Spell is currently operating in more than 15 countries around the world, providing technology that is flexibly adaptable to the requirements of different markets and local regulations.  

Company CEO Jevgēnijs Novickis is proud that Spell’s development has taken place without bring in external investors – the company has grown consistently based on its own revenue. This approach has ensured stable and sustainable growth: the company ended 2023 with revenues of EUR 1.2 million, 2024 with revenues of EUR 2 million, and in 2025, according to preliminary estimates, revenues have already reached EUR 2.5 million. 

The company currently employs more than 20 full-time highly qualified specialists, most of whom are involved in the development and continuous improvement of the platform. At the same time, some functions are provided in cooperation with outsourced providers and partners in specific target markets, allowing the company to flexibly adapt to the needs of different markets. 

The support provided by the Investment and Development Agency of Latvia (LIAA) has also played a significant role in the company’s development. The company has used tools to attract highly qualified employees, which have allowed it to reduce its tax burden, attract new specialists, and raise salaries for existing employees. 

In addition, Spell has also received export marketing support, which has helped to partially offset marketing costs and reinvest in the company’s development. 

“Such support in the early stages of development is truly crucial – it allows more resources to be directed towards product development and significantly increases the company’s opportunities for sustainable growth. Highly qualified specialists are the foundation of our product and the main factor in our competitiveness,” Mr Novickis says. 

The company’s main development goal in the coming years is to launch a new, significantly improved version of the platform, which will bring together the company’s specialists’ nearly ten years of experience in the payment industry. The new version will be even more user-friendly, with broader integration capabilities and a modern, visually appealing design. 

Information material prepared with the support of the European Regional Development Fund