Latvian fintech FIS.solutions receives €250k from Expansion Capital

Riga-based fintech company FIS.solutions has received a €250,000 investment From Expansion Capital, a Latvian seed-stage fund. The funding will assist in transitioning to the upgraded loan management system and expanding the team, Labs of Latvia informs.

• Founded in 2011 by Armands Liseks, Juris Cirkovs, and Kristaps Veinbergs, FIS.solutions is a dedicated software and product development company that builds loan management solutions for banks, consumer lenders, and the broader fintech industry.

• The company’s upgraded LMS will enable companies to automate the full lending lifecycle, while at the same time tailoring the solution to each individual product or service. All of that without having in-house IT departments.
• Since its inception, FIS.solutions has worked with over 50 lenders from around the world and successfully implemented hundreds of projects.

“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,”

Armands Liseks, CEO of FIS.solutions, comments.

• Expansion Capital AIFP became the lead investor in the latest €250,000 round. It is a Riga-based seed-stage fund, investing from €150,000 up to €2.73 million in Latvian startups with equity stake between 10% and 49%.
• FIS.solutions will use the fresh funds to transition to the upgraded LMS. The company also wants to hire additional stuff members, before preparing for Series A round within the next year.