VILNIUS, Jan 17 (LETA--BNS) - Lithuania's fintech startupNeo Finance has entered the Latvian market with the launch of itsNeopaypayment initiation service.

"The Latvian market is very important to us due to its geographical location, banks and companies operating there," Evaldas Remeikis, the chairman of the management board at NEO Finance, said in a statement to the Nasdaq Vilnius Stock Exchange on Friday.

"Many of our Lithuanian customers have e-businesses in this neighboring country as well, so at their request we have started expanding Neopay to Latvia," he added.

The first Latvian customer to start using the service was Azeta.lv, an online pharmacy that is part of Euroapotheca, a Vilnius Prekyba Group company that owns pharmacy chains in the three Baltic countries.

NEO Financehas said its total sales in the fourth quarter of 2019 rose by 7 percent to 4.47 million euros. Fourth-quarter revenue from the Neopay service surged by 178 percent to 51,000 euros.

The company is listed on the Baltic stock exchanges' alternative market First North.

© Pakistan Press International, source Asianet-Pakistan