Financial transaction analytics service Nordigen continued their winning streak and snatched the big prize of 5000€ at Rietumu Fintech Challenge 2016. Rietumu Fintech Challenge was held for the second year, aiming to provide support and mentorship to early stage startups with innovative ideas in the field of finance technology. The intensive bootcamp was held by the biggest and oldest Latvian startup community TechHub Riga in close cooperation with Rietumu bank.
The promising Latvia-based startup Nordigen helps credit institutions categorise 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. Nordigen already won the TechChill Baltics Pitch Battle earlier in the year, and they have kept up their momentum.
TechHub Riga also awarded a runner-up special prize - free membership - to GRANDMA, a startup that offers projects' finance data management software for service-based SMEs.The finals of the challenge had six teams, consulted by mentors in finance and technology, who will aim to help the startups develop their business strategy and skills. The startups received advice from mentors such as 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, Andris K. Berzins, Co-founder of TechHub Riga, experienced global technology entrepreneur, angel investor and startup mentor, Martins Valters, the Co-founder and CFO at Mintos and winner of Rietumu Fintech Challenge 2015, as well as Jevgenijs Kazanins, CEO at TWINO and Jevgenijs Djugajevs, the Board Member at Rietumu Banka.