Rietumu Fintech Challenge 2016 finalist teams

Six teams have beaten the competition and have been selected to participate at the second Rietumu Fintech Challenge startup contest and mentorship bootcamp in Riga on April 21nd.  The Challenge is organized by the biggest and oldest startup community TechHub Riga in close cooperation with Rietumu banka. The selected teams will be consulted by experienced mentors in finance and technology, who will aim to help the startups develop their business strategy and skills. At the end of the bootcamp, all finalists will have chance to pitch their idea to an international jury, competing for the main prize - the best team selected by the jury will take home the 5000€ cash prize.

Rietumu Fintech Challenge 2016 finalist teams are:

  • Nordigen - Nordigen helps credit institutions categorize transactions for the purposes of credit assessment. This allows banks and non-bank lenders to build automation tools that reduce applicant screening time from 15 minutes to 5 seconds. Nordigen employs machine-learning to identify up to 95% of all transactions for the purposes of credit assessment.

  • Escrown - Provides escrow (transaction settlement and post settlement warranty) services to secure deals, by holding transaction funding until predefined by counter-parties conditions are met. Our services cover transaction settlement (goods or services are delivered) and post transaction period (in case hidden defects found).

  • notaKey - Makes data security convenient and accessible without compromising on safety. Notakey is a smartphone-based solution that lets users with one tap securely and remotely authorize restricted operations, including user logon, payments and approval to agreements.

  • RiddleSense - Develops software for the financial sector using Machine learning (AI) that can analyse Big Data. Riddle Sense focuses on analyzing the clients data, so lenders can increase scoring accuracy rate, indicate frauds, reduce cost on labor, improve service and speed.

  • Kuan Intelligence - A UK-Hong Kong based company that offers Peer-to-Peer (P2P) multi-currency exchange services for small businesses between Europe and Asia, meeting their requirements for cross-border trade and investment.

  • GRANDMA - Projects' finance data management software for service-based SMEs. An intelligent, easy to use and fast to implement alternative to Excel.

The startups will receive advice and mentorship from experienced finance, technology and entrepreneurship professionals. The mentor team will be headed by Kristoffer Lawson, the Co-founder at Holvi - a wildly successful fintech startup from Finland that was named among the most innovative fintech companies in the world, followed by a successful exit in 2014. Kristoffer is currently a mentor, expert on technology and banking, working on his next startup project SOLU. The mentor lineup is followed by Andris K. Berzins, Co-founder of TechHub Riga, experienced global technology entrepreneur, angel investor and startup mentor, who received the Human Development Award from the President of Latvia for his investment in Latvia’s future. Other mentors include Martins Valters, the Co-founder and CFO at Mintos, one of the most successful Latvian fintech companies and the winner of Rietumu Fintech Challenge 2015, as well as Jevgenijs Kazanins, CEO at another great fintech startup TWINO and Jevgenijs Djugajevs, the Board Member at Rietumu Banka, the third biggest bank in Latvia by assets.

Rietumu Fintech Challenge

Rietumu FinTech Challenge by TechHub Academy is organized by the foundation TechHub Riga, the first and oldest startup co-working space that accommodates more than 30 startups and organizes various tech and startup related events, such as Monthly Meetups, TechHub Academy and TechChill Baltics. The main sponsor and partner is Rietumu Bank, the leading private bank in Latvia, specialising in corporate banking and wealth management. Rietumu Bank provides a complete spectrum of modern financial services, including the organisation of businesses of clients in the internet environment. The event is supported by ALTUM.

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