Innovative startups invited to compete in Latvia’s Fintech Factor Challenge during the Latvia Fintech Forum 2024
Tenity is proud to power the Fintech Factor Startup Challenge, launched in collaboration with the Latvijas Banka and the Fintech Latvia Association during the Latvia Fintech Forum 2024. This unique initiative offers fintech companies an unparalleled opportunity to empower startups to in exploring the Latvian market and learn from top industry experts.
The annual Latvia Fintech Forum is coming to Riga for the third time to bring together the foremost figures in the financial technology industry, leading dynamic discussions on the most relevant industry developments, challenges, and solutions faced by the financial services industry today. The forum will also feature the startup challenge "Fintech Factor 2024".
The Fintech Factor is designed for early stage fintechs from all over Europe to explore the Baltic market and access new resources for their growth, with a focus on supporting commercial adoption. The prize pool comprises €10 000 worth of advisory services and conference passes.
Santa Purgaile, Deputy Governor of the Bank of Latvia, emphasizes the significance of this initiative: "Latvijas Banka offers diverse support initiatives to facilitate the development of a modern and innovative financial sector. Among the key initiatives is the annual Fintech Forum, which this year will cover cutting-edge topics like AI, crypto-assets, and regulatory expectations regarding current fintech trends. The Fintech Factor contest held during the forum is a valuable opportunity for fintechs to pitch their business model to investors, potential customers, and partners."
Tīna Lūse, managing director of Fintech Latvia Association quote about the challenge: "Join the Fintech Factor competition in Latvia and discover our dynamic local ecosystem and supportive regulator. Many companies that launched here and successfully expanded across the EU and beyond consistently praise the Latvijas Banka's business-oriented and agile approach. We believe the next challenger or unicorn could be among this year's participants, and we would be thrilled to welcome you to launch your journey from Riga."
Selected participants in the Fintech Factor Challenge will have the opportunity to present their business ideas to an audience of leading players in the Baltic financial markets, from financial institutions and other fintechs to policymakers and VCs. The competition is designed to provide guidance on how to take your startup forward, whether it’s for operating in Latvia or growing the business more broadly.
Up to eight finalists will benefit from a community day focused on fundraising, from pitching to connecting with early-stage investors. This training is a crucial component of the two-day growth program that defines Fintech Factor, aimed at helping startups build connections and refine their strategies in Riga's vibrant fintech ecosystem.
Uve Poom from Tenity: "It takes a village to raise a startup and that’s why we’re organizing a community day ahead of the Fintech Forum. We help participating founders connect with domain experts and investors in Latvia, unlocking new competencies, customers, and capital".
The winners of the Fintech Factor will be awarded Business Booster tickets to improve business and investment readiness. Tenity will be offering 10h of consulting across strategy, business development, and fundraising. Partner law firms Sorainen and Walless are each dedicating 10h of advisory hours to winning startups. Last but not least, winners will also get to accelerate growth via a bundle of event passes for 2025, covering Baltic Fintech Day, Nordic Fintech Summit, and Latitude59, ensuring visibility in the Nordic-Baltic fintech scene.
Fintech Forum 2024, hosted by Latvijas Banka and the Investment and Tourism Agency of Riga, is the premier event for fintech innovation in the Nordic-Baltic region. This conference will bring together industry leaders, startups, investors, and policymakers to explore the latest trends, challenges, and opportunities in fintech. This Fintech Factor Challenge is a key component of the Latvijas Banka's flagship conference, dedicated to fostering innovation and collaboration in the financial sector.
The event is scheduled to take place on November 5, 2024, at the historic Small Guild located in the heart of Riga. More information about the forum and registration is available at: fintechforum.lv.
About Fintech Latvia Association
Fintech Latvia Association is dedicated to uniting financial service providers in the fintech sector in order to ensure the representation and implementation of their interests at the national and international level, promoting sustainable development and growth of the Latvian financial sector. Its mission is to develop reliable, responsible and long-term industry practices that are positively assessed by consumers and market supervision authorities, while respecting the growth opportunities offered by financial technology companies and non-banking service providers.
About Latvijas Banka
Latvijas Banka, the central bank of Latvia, makes up the backbone of the financial system – from economic analysis, cash circulation and user-friendly payment infrastructure to effective supervision of the financial sector. One of Latvijas Banka's key priorities is ensuring a secure, developed financial sector that supports advanced financial technologies and innovation in financial services.
About Tenity
Tenity is a leading global innovation ecosystem and early-stage investor for FinTech & InsurTech, with hubs in Switzerland, Singapore, Nordics & Baltics and Spain. Its vision is to create the future of finance by accelerating tech startups, and connecting them with big business, investors and industry experts. Since its inception in 2015, more than 250 tech startups have participated in Tenity programs, both at early- and growth-stage, which have attracted more than USD 370 Mio. in funding.
