There are endless opportunities for cooperation between established financial institutions and startups. In Latvia, Rietumu Bank is combining forces with TechHub Riga with an aim to consistently boost the fintech innovation in the region. The second annual Rietumu FinTech Challenge 2016 has been announced by TechHub Riga Academy, and will take place on April 21st. Startups developing a service or product for money operations in any form is encouraged to apply. The best teams will have an opportunity to take part in a one day mentorship class and receive expert advice on business strategy and compete for the main money prize from the sponsor Rietumu Bank.

The competition event comes after the establishment of the Rietumu FinTech Club, and a part of long term cooperation between Rietumu Bank and the biggest Latvian IT and startup community TechHub RigaTechHub Riga, started last year. Rietumu is the leading private bank in Latvia, specialising in corporate banking and wealth management.

Startup teams can apply here:
Applications are open until April 8.

“Financial services make up a big part in the world economy, with billions of euros turnover every year. The potential of technology innovation in this field is very high. Traditionally, it is also a very conservative market, which in turn gives startups with experience in tech a chance to offer a fresh perspective and specific solutions that improve financial processes, save time and money. This potential is highly valued by investors, as we saw FinTech investment rise above one and a half billion euros last year,” said TechHub Riga CEO Egita Poļanska.

Fintech sector has been a very prominent part of the Baltic startup ecosystem. Closely connected with UK and Scandinavian business environments, local startups  are famous for adopting the model of going global since the day one. Now, Latvian startups seem to find themselves in the center of the recent news in Baltics, with the establishment of official Latvian startup association and prominent fintech company Creamfinance recognised as the fastest growing in Europe.