LatBan Syndicate Startup Bonusukarte Achieves 2,5 x Growth in 14 months

Bonusukarte Secures €500K Investment to Power European Expansion

ASP Asset Management is proud to spotlight a standout fintech performer from the LatBAN syndicate portfolio: Bonusukarte, a Latvian startup redefining employee benefits.

Strategic Investment and Partnership : Bonusukarte has secured €500,000 in funding and finalized a strategic partnership with shareholders of UAB Walletto, an electronic money institution registered in Lithuania. This strengthens an already successful technological collaboration and positions Bonusukarte for accelerated growth across the Baltics and Western Europe.

Valuation Surge and Impressive Returns : The company’s valuation has surged from €2M to €5M within just 14 months, resulting in a 2.5× increase in value. This translates into a +150% growth in implied book value and an estimated IRR of ~76.3% annually, underscoring the high-growth potential of the fintech venture—even prior to any exit.

Expanding Footprint Across Europe With more than 10,000 cards issued and 150+ Latvian businesses onboard, Bonusukarte is gaining rapid traction. The fresh capital will accelerate platform development, enhance onboarding systems, deepen HR and accounting integrations, and expand operations in Lithuania, Estonia, Poland, Austria, Germany, and Italy.

A New Standard in Employee Motivation : By offering personalized benefit management, Bonusukarte empowers employers to boost workforce loyalty and tap into tax-saving opportunities across sectors—from transportation and meals to healthcare. According to Walletto Director Romans Baranovs, the solution “elevates employer value and strengthens company reputation.