5 outstanding fintech startups from Latvia

5 outstanding fintech startups from Latvia
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1. Monea

     This startup presents an application that lets you make fast money exchange transactions via the mobile phone: in case you need to transfer a certain sum of money to your friends, you can just tap their names in the phonebook. This already fully operational app is integrated with four banks in Latvia (Swedbank, SEB, Citadele and Nordea) and charges relatively low commission fees. Operativeness and security are guaranteed. Impressive fact: 76 is the age of the oldest registered user.
     Founded in 2015 and currently headquartered in Riga, Monea managed to raise considerable funds yet before the app release: 250 000 euros. After the launch in September, the startup raised 800 000 euros more from Expansion Capital. Now Monea’s valuation is 4 million euros.
5 outstanding fintech startups from Latvia
      The next steps Monea is planning to take are concerned with the further app expansion in Europe: the guys are already conducting negotiations with the biggest retail banks in the Baltic countries. Advanced user experience, guaranteed safety and brand awareness are among the strategy priorities.

2. Swipe

      Swipe was founded in 2015, but hasn’t attracted any noticeable sums of funding yet. Still managed to acquire strategic partnership with Rietumu banka and DECTA processing centre. The product idea deals with sending invoices, directing them to a chosen phone number or email and avoiding connection with the Internet bank.

      Swipe was initially noticed at Rietumu Fintech challenge, where this startup was one of the finalists. Back then, Swipe attracted more than 160 clients from various fields. Swipe app analytics show that it is not regularly used by all customers. However, more and more interested clients appear from B2C industries.
5 outstanding fintech startups from Latvia
      The interest in Swipe startup is constantly growing, especially from Europe and the US. The main obstacles for further expansion are concerned with legislation issues. Still, Swipe company continues to work hard on the service’s updates: plans to add new features like automatic payments, going to make an open API. Before going abroad, Swipe developers intend to attract the critical number of clients equal to 500 at least and launch a free invoice service.

3. Mintos

     This startup is already on the stage of scaling up after their launch in 2015! Their amazing project idea is about creation a peer-to-peer platform, bringing together borrowers and lenders: this way, borrowers can literally crowdfund their loans. Everybody wins: borrowers get cheaper loans, lenders receive guaranteed 13% returns. All borrowers are secure users, guaranteed by such loan originators as CreamFinance, Mogo and Capitalia.
5 outstanding fintech startups from Latvia
     Skillion Ventures already invested 1 000 000 euros in Mintos. Some performance facts about Mintos:
• 3327 investors
• users from 30 countries
• 200 000 euros interest from 8 000 000 euros loan, carried out via Mintos.
     In future, Mintos is planning to become the bridge for investments across all European countries, which is why its next goal is to relocate the HQ to London, the center of fintech industry.

4. CreamFinance

     Launched in 2012 as a data-driven consumer fintech company and headquartered in Warsaw, CreamFinance is currently developing at the growth stage. The service provides fast access to reliable personal loans and currently operates in Latvia, Czech Republic, Slovakia, Poland and Georgia.
5 outstanding fintech startups from Latvia
     In 2014, CreamFinance received €5 million investment from Flint Capital. Now the company is known to have issued loans worth 75 000 000 euros and got the revenue of 25 000 000 euros.
Seeing good prospects of the project, CreamFinance now considers further service expansion to the Caucasus (most likely Kazakhstan) and America (Brazil, Mexico). The company also realizes the need to make CreamFinance a well recognizable product in fintech market, which is why they continue working on the service, expanding the range of available loans.

5. TWINO

     The startup is in fact a subsidiary company of Finabay, but Twino has already managed to raise more than 2 000 000 euros on their independent platform. Twino was founded in 2015 as a loan service and is currently scaling up, already cooperating with 700 investors from 27 countries in Europe. Thanks to the synergy with Finabay, an expert company in financial loan market, Twino can provide investors with guaranteed annual returns of up to 15% and protect their money within 30-day BuyBack guarantee program.
5 outstanding fintech startups from Latvia
     With the key platform features, Twino hopes to reach the top 3 biggest European P2P marketplaces in 2016. Another focus is cooperation with legal entities.

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