On April 26, Riga will host the biggest competition in the Baltics for startups developing financial technologies (FinTech). Rietumu Banka established the competition two years ago, and it is currently the largest event in the region. Thanks to the initiative of Rietumu Banka, many startups are now motivated to develop and improve the FinTech environment. The main prize on offer in the Rietumu Fintech Challenge 2017 is EUR 5,000. Register* until April 7 here.
Last year, 25 startups applied to take part in Rietumu Fintech Challenge 2016. The winner of the main prize was Nordigen, a startup from Latvia – a tool helping lenders to automatize the data analysis of borrowers’ bank printouts.
According to Roberts Bernans, Development Director of Nordigen, “The Rietumu Fintech Challenge is a valuable event, because FinTech culture in Latvia is very active. It is good that big companies are providing support for such initiatives. Especially so, when the support comes from Rietumu Banka which also helps startups to function using the platform it provides. In preparing for the competition last year, we had a defined technology, but we lacked a clear understanding of its applicability. However, the presence of many mentors from the banks and other large financial enterprises gave us the chance to understand whether our service was useful and appropriate for them. Moreover, the large number of foreign experts involved helped us to understand whether our service was viable beyond the borders of Latvia. Our success in this competition is our quality mark and a reference we often use in order to increase the credibility of our brand.”
This year, the involvement of more participants from all the Baltic States, Scandinavia and Russia is expected. As previously, the jury will assess the submitted applications. After all applications, have been reviewed, the strongest startups will be selected for the final. The finalists will have the opportunity to spend a full day working with FinTech industry experts and mentors. These experts will share their advice and experience to encourage the teams to formulate their future vision of their product and business in general as precisely as possible, as well as to prepare the startups for the presentation to investors at the end of the day.