---
title: "Ranking: Wise is the most valuable Estonian tech company"
id: "81934"
type: "post"
slug: "ranking-wise-is-the-most-valuable-estonian-tech-company"
published_at: "2025-09-23T00:23:00+00:00"
modified_at: "2025-09-23T12:24:20+00:00"
url: "https://estonianworld.com/business/ranking-wise-is-the-most-valuable-estonian-tech-company/"
markdown_url: "https://estonianworld.com/business/ranking-wise-is-the-most-valuable-estonian-tech-company.md"
excerpt: "According to a recently published ranking of Estonia’s most valuable technology companies, the Estonian-founded and London-based money transfer company Wise tops the list with a […]"
taxonomy_category:
  - "Business"
publisher: "Estonian World"
language: "en-GB"
author: "Sten Hankewitz"
author_url: "https://estonianworld.com/author/stenhankewitz/"
---

# Ranking: Wise is the most valuable Estonian tech company

![Kristo Käärmann, one of the two founders of Wise. Photo by Jake Farra.](https://estonianworld.com/wp-content/uploads/2023/05/Kristo-Kaarmann-1536x1024-1-1024x576.jpg)

Kristo Käärmann, one of the two founders of Wise. Photo by Jake Farra.

By  [Sten Hankewitz](https://estonianworld.com/author/stenhankewitz/)
  ·  September 23, 2025  · [Business](https://estonianworld.com/category/business/)
 · 2 minutes of reading

### According to a recently published ranking of Estonia’s most valuable technology companies, the Estonian-founded and London-based money transfer company Wise tops the list with a valuation of €12.5 billion.

The annual *TopTech* ranking, compiled by Prudentia Tallinn – a mergers and acquisitions advisory firm – together with Siena Secondary Fund, which specialises in secondary market investments in technology companies, places Bolt second (€8.9 billion) and Pipedrive third (€2.2 billion).

Indrek Uudeküll, a partner at Prudentia, noted that Wise and Bolt remain firmly at the top, though there have been shifts further down the table.

“The total value of Estonia’s 30 most valuable tech companies has soared to €27.7 billion – a huge 35.2% increase in just two years. By sector, the strongest year-on-year growth has been in defence technology (106%), fintech (97%) and B2B SaaS (48%). The sharpest falls in book value have been in entertainment and gaming (-94%), mobility (-59%) and crypto (-49%),” Prudentia said in a statement.

“This year’s biggest gainers are Blackwall (formerly Botguard) (+295%), Threod (+257%) and Pactum (+222%), whose global ambitions have helped put Estonia firmly on the map,” it added.

### A small market, a big network

The ranking highlights Pactum, an AI start-up specialising in autonomous commercial negotiations, as a trendsetter in Estonia’s tech sector. Pactum also received this year’s *TopTech* special award for its internationally successful AI-driven contracting solutions.

[https://estonianworld.com/wp-content/uploads/2022/12/Pactums-founders-Kaspar-Korjus-Martin-Rand-Kristjan-Korjus..jpg](https://estonianworld.com/wp-content/uploads/2022/12/Pactums-founders-Kaspar-Korjus-Martin-Rand-Kristjan-Korjus..jpg)

Pactum’s founders Kaspar Korjus, Martin Rand, Kristjan Korjus.

According to Rando Rannus, a partner at Siena Secondary Fund and one of the co-authors of *TopTech*, Estonia’s tech industry may be a small market, but it is an expansive network.

“Through the e-residency and start-up visa programmes, foreign founders have injected fresh momentum into our ecosystem – through investment, mentoring and recruitment, often across borders. Their global connections turn our tiny country’s limitations into a competitive advantage, helping our start-ups to scale worldwide.”

The [TopTech ranking](https://top101.ee/tech)
 is based on a comparative assessment of company valuations at a specific point in time. Eligible firms are fast-growing technology companies with at least one Estonian founder, or which are registered and headquartered in Estonia, or which employ at least 20% of their workforce in the country. The assessment draws on publicly available data and information provided by the companies themselves.

## About The Author

![Avatar photo](https://estonianworld.com/wp-content/uploads/local-avatars/15/1707599474-bpfull-100x100.jpg)

[Sten Hankewitz](https://estonianworld.com/author/stenhankewitz/)
Sten Hankewitz is a lifelong journalist and the Executive Editor at Estonian World. Having lived in Estonia, Spain, the UK and all around the US, he now resides in the White Mountains of New Hampshire. He loves to write and besides working at Estonian World, he [writes books](https://estonianworld.com/culture/the-grand-illusion-estonian-worlds-sten-hankewitz-publishes-a-novel-about-growing-up-in-the-soviet-union/)
 and contributes to other outlets. He has strong convictions and shows them unashamedly. You can follow Sten on [Threads](https://www.threads.net/@stenhankewitz)
, [X](https://twitter.com/stenhankewitz)
 and [Facebook](https://www.facebook.com/shankewitz/)
. You can also [email him](mailto:sten@estonianworld.com)
.