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Riga, Latvia – September 17, 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 is an early-stage growth kit with 10 hours of legal counseling by Sorainen and Walless each, 10 hours of growth mentoring by Tenity, a €2,500 cash prize, tickets to Latitude59, sTARTUpDay, Helsinki Fintech Farm, and Fintech Day 2024 and the potential for a €150,000 investment from LatBAN and Tenity.
Santa Purgaile, Deputy Governor of Latvijas Banka, 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: “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”
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: https://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 the leading global innovation ecosystem and early-stage VC with offices in Zurich, Singapore, Tallinn, Madrid, London, and Istanbul. Tenity's vision is to accelerate the future of finance by bringing together ambitious founders with leading companies, investors, and mentors. Today, Tenity counts six hubs, runs corporate innovation programs in more than 15 countries, has worked with 65+ corporate partners, and has supported more than 1600 startups through its programs.