Rietumu Fintech Challenge 2017 competition is over and we are already looking forward to next year. We have talked with all finalists during the event and they shared their insights, so we will cover them here. Meet Tomas Medeckis, Founder and CEO of the company Welltrado.
"Welltrado is the benchmark for the peer to peer lending market – we are a global alternative investment marketplace. There are around 1k peer to peer lending platforms. P2P lending and crowdfunding platforms get new investors, while investors earn profitable interest rates. Since Welltrado works exclusively with alternative investments, we find the platforms that offer high returns on investments. Our mission is to make investing transparent, profitable and easy."
Why did you decide to participate in this event?
From my personal experience, I can say that the P2P lending market is booming right now and that we are part of this market. I saw this event on Facebook and there were some potential partnerships here, so that was definitely the main reason to take part.
How can your startup benefit from participation in such events?
The benefits are numerous – partnerships, potential clients and networking. We had seven different mentors and they were persons from relevant fields that gave us very useful advice. That was the most important thing for us, and it proved to be a very valuable experience.
Where do you see your startup in the future?
In 12 months we want to connect most of the platforms in the world. This is the biggest goal and we’re working hard to reach it.
In your opinion, how can FinTech innovations change the financial sector?
As I was saying, the FinTech technology market is booming. Right now, market values have reached EUR 26 billion and in the next seven years, this number is expected to grow 30 times. So more and more players will come to the market. In one way, there will be more products for investors to invest in, but on the other hand, there are more risks that investors don’t know about. It creates flexibility, but also risk.
What is the future of the FinTech market globally?
The market is changing. I know that one of the Scandinavian banks is starting a crowdfunding platform in Scandinavia. So even big players that have been in the market for years are looking for new platforms to work with as they search for faster payment systems through which to receive money and transfer it from one country to another. The competition between these platforms will be much higher during the next seven years.