December 17, 2015
Rarely mentioned but rich with innovative startups and bright entrepreneurs, Eastern Europe has an interesting FinTech ecosystem. We looked for some of the most intriguing FinTech startups from EEC and found 16 forward-thinking, innovative and promising ones in an effort to share it with the LTP audience.
Worldcore: The company provides a prepaid debit card within 24 hours of submitting the required documents. The card has the ability to load funds from any bank account instantaneously and can be used as a payout solution for wages, incentives, salaries, etc. They also provide a mobile app for the cardholder. Worldcore is the most promising Central European startup to watch out for in 2016. Worldcore account allows to get paid through bank wire, load any Visa/MasterCard credit or debit card, make online payments, make withdrawals to the Worldcore prepaid debit card and pay bills or buy any goods. That's an absolute advantage that Worldcore cards daily ATM withdrawal limit is 4,000 Euros and monthly limit is 120,000 Euros. The company promises to work round-the-clock to provide the fastest possible turnaround time for people signing up to the payment account via the website. For individual accounts or debit cards, the verification process requires digital copies of the individual’s passport and an address proof. The company utilizes Thomson Reuters World Check for financial institutions as the back-end verification tool. Worldcore also offers B2B payment services. For businesses that switch their financial flow to Worldcore, internal accounts are automatically pre-created in over 10 currencies and incoming payments are credited accordingly.
Twisto Payments: Twisto is a technology company that aims to disrupt developing markets (initially EEC). The company focuses on technologies which enable better, safer and faster consumer payment and credit services, deepen trust in the e-commerce ecosystem, and may allow expanding into, e.g., a lending marketplace. Twisto has three core technologies: Shopping Account, Nikita, and Express Checkout. Shopping Account is a consumer finance manager, which automates clearing of purchases, returns, payments, installments, and collections processes. Nikita is a digital fingerprinting and multi-dimensional risk engine with credit approval up to 95% and processing under one second. Express Checkout is instant payment processing, seamless checkout completion, aggregation of all available payment methods.
SoNet: SoNet has grown rapidly since its inception in 1991 into a well-respected payment solution integrator within the EEC region, providing end-to-end payment solutions, merchant management solution, merchant helpdesk and on-site field services and value added services such as loyalty programs and e-vouchers, etc. The company leverages its latest multi-acquirer application framework with Spire Payments’ state-of-the-art product to provide acquirers with extremely versatile and powerful portfolio of payment solutions. Utilizing a single GPE-approved application across the entire suite, SoNet ensures a consistent user experience and opportunity to rapidly develop, approve and deploy new value-added applications.
Spire Payments: Spire Payments is one of the Europe’s leading payment solution providers approved to deploy its entire suite of POS terminals in the Czech Republic and CEE region. For acquirers using GPE for their payment processing, Spire Payments’ solution provides a number of benefits including a state-of-the-art range of Linux OS-based POS devices, contactless payment and NFC capabilities across the entire suite of devices.
LifePay: LifePay is a mobile solution that enables credit card payments acceptance. The company provides the admission of the credit card payments on smartphones with guaranteed transactional security. LifePay offers a simple, convenient and modern way to receive credit card payments anywhere. LifePay mPOS is a card reader which connects to a smartphone (based on Android or iOS) and allows merchants to accept cards for payment at any convenient location. The card reader is provided by the company at no cost. The app provides transaction analytics with information for each payment or refund in the developed LifePay solution. The solution is certified by Visa and MasterCard.
Touch Bank: Touch Bank is an online retail bank, an international project of OTP Group, a European financial group and one of the leaders in Central and Eastern Europe’s banking market. Touch Bank has been operating in Russia since 2015 under OTP Bank’s license and is regulated by the Russian law on credit institutions.
QIWI: QIWI is a leading provider of next-generation payment services in Russia and the CIS. It has an integrated proprietary network that enables payment services across physical, online and mobile channels. It has deployed over 16.7 million virtual wallets, over 149,000 kiosks and terminals, and enabled merchants to accept over RUB 70 billion cash and electronic payments monthly from over 57 million consumers using its network at least once a month. QIWI's consumers can use cash, stored value and other electronic payment methods to order and pay for goods and services across physical or online environments interchangeably.
Blackmoon Financial Group: Blackmoon is a marketplace lending platform for balance sheet lenders. Blackmoon integrates with lending companies through proprietary technologies. The platform enables investors to fuel high-yield consumer loan portfolios in Europe and the CIS with a proprietary technology solution, risk analysis toolkit and technical support. Loan originators get access to consistent, hi-tech, off-balance sheet funding source that locks in profits at the time of loan issuance and preserves flexible pricing and product policy for the originator.
MILI: MILI is a Russian financial company that offers services for microfinance. MILI's disruptive technology allows company to issue loans to active users of social networks, leveraging their social capital. MILI is leveraging proprietary scoring methods, paying equal attention to both standard information sources and users’ online social capital. A credit decision is made directly on the website within five minutes with funds transferred through one of the largest retail chains in Russia (over 5,000 retails posts)—Euroset.
Crestem Idei: Crestem Idei is an online crowdfunding platform that enables individuals to fund and profit from projects in diverse arenas (community, graphics and design, education, film and documentary, photography, sport, theater, technology, and writing and publishing). The company requires participating projects to present a budget and video each as minimum criteria in order to gain approval in the selection process.
VoicePIN: VoicePIN is an authentication system based on biometrics (voice). The technology allows a secure login to a system without having to remember passwords or PIN numbers. Installation and configuration is quick and simple. The technology utilizes passive enrollment (generating voiceprints from previously recorded data). Verification of the biometric password is lexical and language-independent.
HITbills: HITbills disrupts the utilities industry with smartphones. The company promises to save up to 30% of bills each month. Users can take pictures of the bills with the app, then through OCR technology, the consumption information goes to the auction, where utility providers are compared by price. The company that offers a better deal wins the auction. The average savings per household are 486 GBP.
Kontomatik : Kontomatik is a leading provider of banking API. Services provided by the company are mostly aimed for banks with competitive products, online lenders that are looking to optimize loan-issuing processes and startups that want to build their apps around a supreme technology.
Moresise Bank: Moresise Bank is a mobile-only bank set for launch in early 2016. The mobile application will offer a payment feature, transaction analytics along with customer service and a loyalty program. The website offers a pre-registration for the Moresise card.
PriNum: PriNum is a universal m-wallet platform (payments, loyalty, transport, ID) with social network functionality that enables exchange/conversion of assets. The m-banking solution is based on PrimeKit’s platform, designed for offering mobile banking services (checking account status, statements issuance, making payments and remittances, opening deposits, etc.). A contactless cloud mobile payment service: Visa PayWave or MasterCard PayPass can be offered on Android-based devices enabled with NFC.
Corezoid: Corezoid is a digital core that allows companies to do less hardcoding and concentrate on business growth. The company boosts the speed of launching new products, reduces the cost of software support and development and helps to fix an outdated company’s back-end. Corezoid can power P2P payments in the Corezoid cloud-based operating system to automate financial institutions' internal processes. Corezoid's solution powers bank PrivatBank, the largest Ukrainian bank.
DEBIFO: DEBIFO offers a new invoice finance solution for SMEs in Lithuania. The company's platform enables businesses to free up frozen working capital by providing funds based on outstanding invoices. DEBIFO’s invoice finance solution allows shortening receivable payment terms from a traditional 30–120 days to as little as a few days, offering flexibility and transparency at the same time. The platform doesn’t enforce long-term contracts or hidden fees, and new clients can receive financing in less than a week. Businesses are allowed to submit single invoices for funding.