Rietumu FinTech Challenge 2017
The biggest competition in Baltics for fintech companies - Rietumu Fintech Challenge 2017 – has just ended. This was the third year in a row when this competition was organized in Riga. The winner is the company from Latvia – Toneboard. The winning team received 5000 euro from Rietumu Bank as well as a prize from the UK Department of International Trade - opportunity to attend London FinTech Week 2017.
“It was a very interesting day. We met many mentors from different environments that are connected to fintech industry – lawyers, investors, startup founders. We received valuable contacts as well as many useful comments on how to proceed further with our project. We are very happy. This is the first serious competition we’ve been taking part in. And we won! Of course, the success of the business is not connected with success in competitions, so we are concentrating on building a sustainable business as well as commercialization and development of our system. We are planning to make our product available already this year,” says Martins Vaivars, co-founder and CEO of the Toneboard. The company has created the tool that uses speech recognition and an analytical capability to mine verbal interactions with loan applicants. It can make it possible in the future to get loans just with the help of conversation.
A team from Latvia - Crassula - has created a software API platform for building payment solutions and FinTech innovation. ForexTeam is free mobile app providing intraday trading signals for currencies with the possibility to copy signals in user’s metatrader account. Paytailor is a mobile payment system, which makes mobile payments easy. Welltrado is an innovative alternative investment marketplace showing unique investment opportunities through emerging financial technology. GetZuper is a platform to create meaningful connections between people and their money. Tap2pay is an online tool that enables payments via a favorite messenger. The customer receives an invoice to pay right inside a chat.
“We are happy that this competition is getting recognized internationally. Teams are ready to travel to Latvia just to spend the day with mentors and get recognition from industry experts. This fact proves that Latvia is becoming the centre of fintech,” says Member of the Boards of Latvian Startup Association Jekaterina Novicka.
“There were good and interesting projects presented during the competition. I hope that they are going to succeed. Bank and fintech industry will have closer collaboration in future – that is the opinion of Rietumu Bank. So we are going to take part in organizing and supporting similar events,” says Member of the Board and Vice President of Rietumu Bank Ilja Suharenko.SEE YOU IN 2018!