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Latvian fintech startup FIS.solutions raises €250K to expand its user-friendly finance and banking software

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Riga-based startup FIS.solutions has received €250K from Expansion Capital. The startup offers customized finance and banking software solutions using a user-friendly set of tools, catering to individuals from all walks of life. With the investment, FIS.solutions plans to scale its operations by adding new members to the team.

FIS.solutions is reversing the paradigm for what it means to be a fintech company. This marks the next milestone for the company’s industry-tested product in the transition toward a complete no-code loan management system (LMS). FIS.solutions has over 10 years of experience and is following market-driven demand for the SaaS solution. The upgraded system will enable lending companies and startups without in-house IT departments to close the technology gap and more quickly launch new products.

“We’re very focused on companies that are export-oriented and have strong growth potential. FIS.solutions checks both of those boxes. Their proven track record in the global lending market has us excited for what’s to come,” says Expansion Capital Managing Partner Zigmars Reklaitis.

Just five years ago the prevalent discourse was that every company needed to be a tech company, but the growing popularity of SaaS solutions is reversing this trend and now Fintech can focus on developing innovative products and new business models. FIS.solutions will use the investment capital for additional hiring, so that their clients don’t have to. The out-of-the-box LMS will enable companies to automate the full lending lifecycle, while at the same time tailoring the solution to each individual product or service.

“We see that the market has consolidated and lending companies now spend 10-20% of their revenue on IT. This makes it hard for new players to enter the market due to the need for significant technological investment. When they do make these investments, the costs are passed on to the consumer,” says FIS.solutions CEO Armands Liseks.

Market demand for lending services is set to keep up the steady increase of the past few years. During the time it would take a company to launch a new product with an in-house IT team, it would be a missed opportunity for them to continue growing their portfolio. In the future, the basic FIS.solutions LMS features will be available as a freemium service. This will foster the emergence of new fintech players and tailor-made financial products for the unfinanced population, becoming one of the first products of its kind on the market. Established players may leverage the complete LMS functionality, customisation opportunities and premium services at an additional cost.

Looking forward, FIS.solutions is open to various partnerships within the fintech ecosystem – from scoring and analytics to debt collection. Once the freemium SaaS solution is live, the company is aiming to launch a Series A investment round within a year to expand into new markets and become the first 100% no-code solution.

FIS.solutions was founded by Juris Cirkovs (CBDO), Kristaps Veinbergs (CTO) and Armands Liseks (CEO). Latvian startup-ecosystem player Venture Faculty is a partner and its Partner Renat Lokomet is an advisor in the project. For over 10 years FIS.solutions founders have been supporting the consumer finance industry, fintech companies, and banks with an out-of-the box, yet fully customisable loan management system. During their careers, they have executed hundreds of projects with more than 50 global clients across a variety of sectors.

The loan management system caters to both secured and unsecured business and retail loans, including instalment loans, auto leasing, mortgages, line of credit, buy-now-pay-later, payday loans, invoice factoring, embedded finance and more.

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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