Neverless: Latvia's Fourth MiCA CASP Deep Dive (2026)

What Neverless Is and Why This Story Matters for the Baltics

On 20 May 2026, the Bank of Latvia (Latvijas Banka) formally granted a Crypto-Asset Service Provider (CASP) licence to Neverless SIA, a company registered in Latvia. This is the fourth MiCA-compliant CASP licence the Latvian regulator has issued since the scheme launched in 2024, and the eighth fintech authorisation Latvijas Banka has approved during 2026.

Neverless is not just another MiCA applicant. Behind the Latvian SIA sits a fintech platform founded in 2022 in Madrid and London by three former Revolut product leaders, aimed at building a unified mobile app for crypto, stocks, ETFs and metals with zero trading fees. The Latvian registration gives the company the full European Economic Area passport - it may serve customers in all 30 EEA member states simply by notifying local regulators.

In this deep dive we look at, on a fact basis, what sits behind Neverless: the founders, corporate structure, funding, product offering, fee model, MiCA-authorised activities, and the risks a Baltic user should understand before using the platform.

The Bank of Latvia announcement - fourth MiCA CASP licence

The 20 May decision of the Bank of Latvia Supervisory Committee was officially announced on 25 May alongside a broader review of the Latvian fintech sector. According to the regulator's statement, Neverless SIA is now authorised to provide five core crypto-asset services:

1. Custody and administration of crypto-assets on behalf of clients
2. Exchange of crypto-assets for funds
3. Exchange of crypto-assets for other crypto-assets
4. Portfolio management of crypto-assets
5. Crypto-asset transfer services on behalf of clients

This is almost the full MiCA CASP service set envisaged in the regulation for retail exchanges - only the advisory service and operation-of-trading-platform authorisations are absent from the current notice. By obtaining a licence in one EU member state, a CASP may, under MiCA's passporting mechanism, provide services across the whole European Union after first notifying the target-market regulators.

Neverless SIA joins the Latvian MiCA CASP cohort alongside the previously licensed BlockBen SIA (2025-12-03), Nexdesk SIA (2025-12-11) and SIA Paybis Europe (2026-05-12). The group remains smaller than the growing CASP registration streams in Lithuania or Estonia, but Latvia's approach has been cautious and focused - which in turn positions the country as a stable home for operators targeting the Nordic and Baltic markets.

Who founded Neverless - three Revolut alumni

To understand why Lakestar and Connect Ventures invested $6.7 million in a seed round before the product was fully launched, you need to know the founding team:

• Phuc To (CEO) - former global head of product at Revolut, where he directly led the build-out of Revolut's crypto product in 2021. Before Revolut he worked at Apple and as a product lead across several fintech projects.
• Arthur Johanet (co-founder) - originally led Revolut's card payments team and later took over Revolut's crypto vertical before leaving.
• Mikael Peydayesh (co-founder) - led Revolut's core payments business, then ran the Revolut Premium plans. He is responsible for business development and partnerships at Neverless.

The team's Revolut pedigree is critical because these are the people who actually shipped one of Europe's most successful neobank crypto products. They understand the tech stack, the licensing path, and how to make a zero-fee retail model financially sustainable.

Corporate structure - SIA, S.L. and Ltd

Neverless operates through several legal entities in different jurisdictions:

• Neverless Labs, S.L. (Madrid, Spain) - the main operational entity and parent company. Registered as a crypto-asset service provider (PSAN) with the Bank of Spain under registration number D948 - this originally provided the legal basis for crypto custody and exchange in the Spanish market.
• Neverless Ltd (London, United Kingdom) - the UK operating entity and the team's original home.
• Neverless SIA (Latvia) - the new European MiCA entity that received its Bank of Latvia CASP licence on 20 May 2026 and which is responsible for providing services across the EEA under the passporting mechanism.

This setup is typical of technology companies that want to optimise licensing across multiple jurisdictions. The primary purpose of the Latvian SIA is precisely MiCA CASP authorisation - it gives the company a stable Baltic/EEA base from which to passport services.

The product - a zero-fee mobile app

Neverless's product is delivered as an iOS and Android mobile app whose core value proposition is a unified interface for crypto, stocks, ETFs and metals with a zero-fee model. Headline features include:

• More than 700 cryptocurrencies available for spot trading, including the largest coins (BTC, ETH, SOL) and many less liquid altcoins and meme coins. Some public sources report as many as 800+ supported assets.
• Stocks and ETFs - access to US and European equity markets, an expanded ETF selection, plus precious metals (gold, silver) trading.
• Strategies™ account - an automated investment vehicle that surfaces market-neutral strategies to retail clients, giving them access to investment approaches historically reserved for institutional players.
• Up to 5x leverage on eligible instruments with corresponding margin requirements and risk disclosures.
• Stablecoin deposits - users can deposit EUR or USD via SEPA, or USDC/USDT directly to a wallet inside the app.

The spread on small BTC/EUR trades, according to independent reviewers' estimates, is typically below 0.1% - more aggressive than at most EEA retail exchanges and comparable to deep venues such as Binance.

The fee model - how zero stays sustainable

A zero-fee business model in crypto is usually financed by spread and ancillary services. In Neverless's case the publicly known or logically inferable revenue sources include:

1. Spread differential - while trading fees are zero, the platform earns a small spread between the buy and sell price (typically below 0.1% on the largest coins).
2. Strategies™ account - automated investment products that likely include a management or performance fee.
3. Leverage products - margin trading typically generates interest costs and financing charges.
4. Premium tiers - many comparable platforms offer paid tiers with extended functionality.

This model is not unique - Trade Republic and Lightyear (the Estonian/UK platform) have already shown that 0% fees are a viable path to attract retail customers across the EEA.

Funding - $6.7M from Lakestar and Connect Ventures

Neverless has raised one large publicly disclosed funding round - in August 2024 the company closed a $6.7 million seed round led by Lakestar (the European early-stage flagship that previously backed Klarna, Revolut and Skype). Other round participants:

• Connect Ventures - London early-stage fund (previously backed Curve, Citymapper, Truelayer)
• Nordstar - a tech fund focused on Nordic and Baltic startups
• Angel investors - including Chad West (former growth lead at Revolut), Dan Westgarth (Deel COO), Eamon Jubbawy (Onfido co-founder), Xiao-Xiao Xu and David Chreng

According to Tracxn and Crunchbase data, Neverless currently has around 19 employees (early 2026) - still a retail-scale team. A second material public funding round has not yet been announced.

Risks and security considerations

Before using the platform, a Baltic user should weigh up several contextual risks:

• Short operating history - Neverless was founded only in 2022, which is a relatively short track record in crypto-exchange terms compared with Bitvavo (since 2018), Kraken (since 2011), Bitpanda (since 2014) or even local operators Coinmotion and CoinGate (both since 2014).
• Small headcount - around 19 employees keeps development velocity high but means a smaller internal security team than at the largest operators.
• No public Proof of Reserves - unlike Kraken, Bitvavo and some other exchanges, Neverless does not currently publish proof-of-reserves attestations.
• Latvian SIA registered mainly for MiCA purposes - customer relationships are legally governed by Latvian law, which is comfortable from a MiCA perspective but less tested than legacy EU jurisdictions such as the Netherlands or Germany.
• Leverage products - up to 5x leverage is not suitable for inexperienced investors and amplifies loss risk.
• Lower liquidity - although the platform supports 700+ coins, the trading depth on each pair is unlikely to match Binance, Coinbase or Kraken.

On the positive side, the Bank of Latvia MiCA CASP licence imposes a tighter regulated framework than the historical VASP registrations, including strict client-funds segregation requirements, capital adequacy ratios and operational resilience standards.

Position in the Baltic market

With the addition of a fourth MiCA CASP, Latvia and the wider Baltic region build an increasingly stable regulated crypto landscape:

• Latvia: BlockBen SIA, Nexdesk SIA, SIA Paybis Europe, and now Neverless SIA
• Lithuania: CoinGate as the first homegrown MiCA CASP (since December 2025), plus approximately 30 other licensed or pending applicants
• Estonia: A stricter approach - a large number of previously registered VASP licences have been withdrawn or suspended, with MiCA CASP licences still to be issued
• Regional pre-licensed operators serving the Baltics: Bitvavo (Netherlands), Bitpanda (Austria), Crypto.com (Malta), Kraken EU (Ireland), Coinmotion (Finland), Lightyear (Estonia) and others

Neverless occupies a specific position - it is the first Latvian SIA form of a company with an international team and substantial Western European backing. If the product runs reliably and acquires customers, it can reinforce Latvia's standing as a credible MiCA jurisdiction.

What this means for a Baltic user

For a Baltic (Latvian, Lithuanian, Estonian) user, using Neverless means the following:

• Services are provided by a Bank of Latvia regulated CASP, and the MiCA passport allows it to lawfully serve Latvian, Lithuanian and Estonian residents
• The 0% fee model is attractive to active retail traders frustrated with the 0.5%-1% spreads at other exchanges
• A unified app for crypto, stocks and ETFs reduces the need to juggle multiple platforms
• The interface is currently in English and Spanish - LV/LT/EE language support is on the public roadmap

Norriwire's pre-use checklist:

1. Verify the licence status in the Bank of Latvia's official CASP register.
2. Start with a small amount to validate deposit and withdrawal flows.
3. Consider moving holdings to a self-custodial wallet if you plan to keep large balances on the platform.
4. Track the company's public announcements for security incidents or licence status changes.

Conclusions

Neverless SIA is an interesting new entrant to the Baltic and EEA crypto landscape - a technically strong team with Revolut DNA, an aggressive zero-fee approach, a broad product set and a formal Bank of Latvia MiCA CASP licence. The company is well capitalised ($6.7M from Lakestar and others), experimental in product design and has a clearly defined target market.

That said, the platform is still relatively young - founded only in 2022 - and the Latvian SIA itself was set up mainly for MiCA licensing rather than as a full local team. For users who value 0% fees, a modern mobile UX and a combined crypto/equities app, Neverless is worth a serious look. Conservative investors with large balances should still stick to exchanges with a longer public track record and published Proof of Reserves - such as Kraken or Bitvavo - until Neverless accumulates more operational mileage.

Norriwire will continue tracking Neverless's progress and update this review after material product or regulatory developments.

Sources

• Latvian central bank issues fourth crypto licence (LSM.lv, 25.05.2026)
• Latvijas Banka grants MiCA licence to Neverless SIA (The Paypers)
• Crypto-asset service providers - Latvijas Banka
• Neverless official site
• Connect Ventures - Investing in Neverless
• TechCrunch - With Neverless, former Revolut execs want to make meme coins easy to buy
• Tracxn - Neverless company profile