The money is ready to be paid, the invoice is approved, and yet it still sits somewhere in a chain of correspondent banks, moving through systems that don’t fully connect, with fees that weren’t always clear upfront, and processes designed for a different era.
By the time it arrives, delays may have already affected payroll timelines or strained supplier relationships.
When xpate was founded in 2019, this problem was clear to anyone running a business across borders. Moving money internationally was slow, fragmented, and often more complex than it needed to be. Payers would encounter unexpected friction, unclear costs, and delays for transactions that should have been much faster. Payment infrastructure wasn’t built with modern, global businesses in mind. It was built for a different time.
Expectations have changed, even if the underlying systems haven’t fully caught up, and that gap is becoming more visible.
Last chance: Get your tickets for Baltic Fintech Days May 13
Today’s businesses don’t scale gradually. They are built to operate across markets from day one. A startup in Riga might serve customers in Berlin and invoice partners in Singapore within its first year. The ambition is there, but the tools don’t always keep pace. The financial system remains fragmented, layered, and reactive in ways that cost businesses time and efficiency.
Where the industry is heading
xpate was built to change that. Not by adding another layer, but by bringing structure to what was fragmented, turning complexity into something businesses don’t have to think about. Infrastructure that works as expected, when it’s needed.
Mike Shafro, CEO and Founder of xpate, reflects on where the industry is heading: “The next phase of fintech won’t be won by whoever builds the most. It will be defined by those who make the sharpest decisions about what to build, what to support, and what to leave aside.”
He adds: “As the ecosystem evolves, so does our role within it. We continue to enable access, guided by a clear point of view on where we create the most impact. Less about being one of many providers, more about standing behind the businesses and use cases shaping where the market is going.”
This perspective is what led xpate to power the Baltic Fintech Awards 2026.
Now in their second year, the Awards celebrate what three small countries at the edge of Europe have achieved. Lithuania, Latvia, and Estonia have built fintech companies serving millions of customers globally. They have contributed to making financial services faster, simpler, and more accessible, without relying on the scale or legacy systems of larger financial centres.
Last chance: Get your tickets for Baltic Fintech Days May 13
The Awards reflect this through categories such as Fintech Infrastructure of the Year, Fintech Growth Story of the Year, Fintech Leader of the Year, Fintech Innovator of the Year, Fintech Startup to Watch, and Fintech Company of the Year. They highlight what is being built today by founders who are shaping the future of financial services.
Born in the Baltics
For xpate, the decision to sponsor was a natural one, says Shafro. “This region has one of Europe’s highest concentrations of fintech talent relative to its size, and the companies coming out of it are influencing how people access money, move capital, and build financial services. Supporting the Awards is a way of recognising that work early.”
Born in the Baltics, xpate has grown alongside this ecosystem. Supporting what comes next is a continuation of that journey, contributing to the innovation, resilience, and ambition that define the region today.
The future of fintech will be shaped by those who decide where they create the most impact. xpate made that decision early, and it continues to guide what comes next.
The Awards will be presented during Baltic Fintech Days, where the story of the Baltics as one of Europe’s leading fintech regions continues to evolve.
