The team from Latvia wins the international hackathon “Open FinHack”

The international financial technology hackathon "Open FinHack" concluded with a victory for the Latvian team "Frankey". The competition was fierce – 231 participants from 38 countries around the world applied for the hackathon.
Avots: hackathon Open FinHack

During the OpenFin Hack hackathon, teams sought both B2B and B2C solutions in six financial industry areas:

  • crowdfunding,
  • fraud detection and prevention,
  • blockchain solutions,
  • data analytics,
  • personalized financial services,
  • financial literacy.

For almost a week, 23 teams worked day and night, both onsite and remotely, to develop their ideas. An international jury evaluated the concept, creativity of the ideas, design, potential user experience, business model, and team. Attention was also paid to the feasibility of implementing the ideas and the potential impact of the solutions. The participants of the hackathon were assisted in developing their ideas by 48 experts from various fields and countries.

The "Frankey" team aims to democratize investment opportunities in franchises. The team's idea is to create a platform where franchise issuers, franchisees, and potential investors can meet. This would enable anyone to invest in a business model and idea that is easily understandable. "Frankey" also received the sympathy prize from "Open FinHack" supporter law firm "drill" – legal consultations worth 1000 euros, as well as invitations to the "Riga Comm 2024" conference.

The second place in the "Open FinHack" hackathon was awarded to the team "Ayma", which plans to create a neobank specifically for the gaming industry.

Meanwhile, the third-place winner, team "Rellocate", aims to help immigrants start a new life in their adopted country. Immigrants often lack sufficient financial resources, and banks are not always responsive in providing loans. The team wants to create a platform where it would be possible to borrow from private lenders.

The "" team received the sympathy award from "Gravity Team" - 1 Ethereum. "" is an early-stage startup – a finance-focused artificial intelligence research laboratory. As part of the hackathon, the team experimented with artificial intelligence-generated videos for the financial industry.

The OpenFin Hack hackathon was supported by a wide range of partners, including Latvijas Banka.

The OpenFin Hack hackathon was organized by the WindHackers innovation community, which aims to promote interdisciplinary cooperation and the development of innovative, technology-based business ideas.

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