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

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, which suit individuals from all walks of life. With the investment, FIS.solutions plans to scale operations by adding new members to the team.

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

“We are very focused on companies that are export-oriented and have strong growth potential. FIS.solutions ticks both of these boxes. Their proven track record in the global loan market makes us excited about what’s to come, says Expansion Capital Managing Partner Zigmars Reklaitis.

Just five years ago, the widespread discourse was that every company had to be a technology 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 further employment, so that their customers do not have to. Out-of-the-box LMS will enable companies to automate the entire lending lifecycle, while tailoring the solution to each individual product or service.

“We see that the market has consolidated and loan companies now spend 10-20% of their income on IT. This makes it difficult for new players to enter the market due to the need for significant technological investments. When they 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 maintain the steady increase of recent years. During the time it would take a company to launch a new product with an in-house IT team, it would be a lost opportunity for them to continue growing their portfolio. In the future, the basic FIS.solutions LMS functions will be available as a freemium service. This will promote the emergence of new fintech players and tailored financial products for the unfinanced population, becoming one of the first products of its kind on the market. Established players can take advantage of the full LMS functionality, customization options and premium services at an additional cost.

Looking ahead, FIS.solutions is open to various partnerships within the fintech ecosystem – from scoring and analysis to debt collection. Once the freemium SaaS solution is live, the company aims to launch a Series A investment round within a year to expand into new markets and become the first 100% code-free 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 partner Renat Lokomet is an advisor in the project. For over 10 years, the founders of FIS.solutions have supported the consumer finance industry, fintech companies and banks with an out-of-the-box, yet fully customizable loan management system. During their careers, they have executed hundreds of projects with more than 50 global clients across a range of sectors.

The loan management system caters to both secured and unsecured business and personal loans, including installment loans, car leases, home loans, lines of credit, buy-now-pay-later, payday loans, invoice factoring, embedded finance and more.