Money 20/20 Europe, a global event that celebrates the intersection between money and technology, concluded its 2019 run in Europe last month, held in Amsterdam, Netherlands.

One of the highlights there was a presentation by Finance Estonia, a financial sector cluster organisation merging 100 private and public companies.

Estonia has been deemed as one of the most interesting areas to observe the marriage between government and technology, and fintech naturally falls into that equation. Estonia after all, is seen as something of a startup paradise. Thanks to Estonia’s friendly approach towards startups, there were 413 startups in Estonia in 2017, which is deemed as a high number when compared to the relatively smaller population. The average placed Estonia as third in Europe for startups per capita.

Estonia’s strong suits, as said by Maarika Truu, head of Startup Estonia, is in building software/SaaS products, as well as fintech.

Within the technologically-driven nation, the following have been showcased by Finance Estonia as some of the most important fintechs currently operating in the country, and they are (in alphabetical order):

BANKISH

Bankish is a deposit and loan administration platform for professional credit providers. It was built by a team who has extensive experience and a strong background in international finance (Nasdaq, Nordea, Swedbank, IMF, Cooppank) and IT (Hewlett Packard, Tieto). The system is safe and reliable because it has been tested against GDPR by an independent auditor and is used by companies under the supervision of EU financial supervision agencies.

MAIN ACTIVITY

Forget excel or expensive legacy solutions! Bankish is a fully automated loan management platform that can be easily used by customers, loan administrators, and the company’s top management.

OFFERS

• Secured and unsecured lending and deposit administration platform
• Credit application, scoring, contract with debt management
• Fast and flexible product configuration with CRM and document management
• Extended accounting and management reporting
• Based on Open banking principals, provides APIs to implement the PSD2 regulation

ESTATEGURU

EstateGuru is Europe’s leading cross-border marketplace for short-term property loans! The firm bridges gaps in property finance by facilitating asset-backed business loans to developers and businesses, meanwhile enabling its international investor base earn great yields from their investments.

MAIN ACTIVITY

EstateGuru facilitates asset-backed short-term business loans to its international investor base.

OFFERS

• Short-term property loans for businesses
• Asset-backed investment opportunities
• Pan-European investment platform
• Average interest 12.2%
• €0 loss of capital

EVERYPAY

EveryPay offers a payment gateway platform for acquiring service providers giving them access to state-of-the-art and continuously improving digital payment solutions with all the relevant tools to manage the acquiring side of eCommerce. For banks’ merchants, the platform provides a variety of necessary features enabling them to grow and scale by utilising world-class online payment solutions. We help our partners to be more agile and competitive.

MAIN ACTIVITY

A fully cloud-based payment gateway platform for banks and acquirers helping them to stay relevant in the ever-changing digital payments’scene.

OFFERS

Fully cloud-based and continuously improving payment gateway platform

• White-label solution for fully branded integrations
• Frictionless integration with banks’ systems
• Fully capable digital payment features to enhance customer’s journey and compete with the market leading PSPs
• Fraud defender tool – rule and data-based fraud detection and blocking

FITEK

Fitek is the market leader in financial automation processes. Fitek lowers the costs of customers by optimizing and accelerating their financial processes. The company operates in Estonia, Latvia, Lithuania, the UK, Slovakia, Serbia and Bosnia and Herzegovina. Fitek employs more than 240 people. We handle over 150 million invoices and other documents annually. Our customers are leading banks, telecoms, financial and public sector institutions.

MAIN ACTIVITY

Fitek Purchase invoice solution facilitates the trouble-free management of invoices from a variety of channels – on paper, pdf, and e-invoices. Paper invoices are scanned and digitized; pdf invoices are digitized. All digital invoices are circulated in a modern cloud-based mobile solution.

OFFERS

• Full solution for purchase invoices a nd purchase orders
• Full multi-channel sa les invoice solut ions
• EDI (Electronic Data Interchange) 4doc solution
• E-invoice solutions for small,meedium and large enterprises
• Accounting Process Optimisation solution for accounting serv ice providers

MODULARBANK

Modularbank is a banking-as-a -service platform built by established fintech powerhouse lcefire. It’s based on decades of experience in financial services and banking industry.

lcefire’s clients include Ferratum Group, Volkswagen Financial Services, OP Financial Group and numerous other Nordic and Baltic banks. With Modularbank we’ve raised our game and can now serve our clients with the most aggressive timelines possible.

MAIN ACTIVITY

Modularbank offers current accounts, payments, unsecured and secured loans incl. collaterals, and deposits.

OFFERS

Modularbank enables banks and financial institutions to:

• Rapidly launch business lines on the side of your existing business
• Replace your existing systems step-by-step
• Launch a new credit institution within months

MESSENTE

Messente provides global messaging connectivity, user verification, and two-factor authentication services to organizations. Messente’s smart messaging API focuses on business-critica l global communication, via SMS and global OTT messaging platforms (Viber, WhatsApp). The two-factor authentication toolkit includes an APIthat handle both SMS-delivered PIN codes and time-based one-time pass1,.vords, and an authentication mobile app, called Verigator.

MAIN ACTIVITY

Messente provides next-generation communication APls for global smart messaging and user verification.

OFFERS

• Global smart messaging APIfor businesses to send SMS messages to all carrier networks and rich messages directly to select ed OTT platforms (Viber, What sApp etc)
• User verification APIma king it ea sy for any business to add 2FA to their website and protect their users from hijacked accounts Mobile 2FA app for consumers (Verigator) available on iOS and Android

MINDTITAN

MindTitan believes that data science isn’t just a “nice-to-have” innovation. We believe that it is a must-have for any company looking to stay competitive within the next ten years. MindTitan focuses on solving business problems by optimizing key partners.MindTitan has been a partner for setting up the Al strategy for Nordic banks.

MAIN ACTIVITY

MindTitan exists to solve business problems by using Artificial Intelligence and Machine Learning to turn data into profit. With offices in Tallinn, Estonia, and Seattle, Washington, USA, MindTitan works with global companies, from fintech startups to multinational banks.

OFFERS

• Grow sales – know whom to target, with what product, through which channel and when
• Customer service – chatbot, email bot, intelligent IVR, voice of the customer, contact prevention
• Fraud & security – AML,fraud prevention
• Risk management – income recognition, risk precalculation Churn prediction – employee & customer churn

MOONCASCADE

Founded by ex-Skype employees and serial entrepreneurs, Mooncascade is the regional market leader in product development. Our team of nearly 100 specialists have built over 200 products from the ground up so we know the struggles and time pressures of starting something new very well. We’ve helped companies like Transferwise, Monese and Twine bring their products to market and grow exponentially. We can help your business too.

MAIN ACTIVITY

Mooncascade offers software product development services from ideation to launch. We specialize in building mobile and web-based fintech products.

OFFERS

• Product Development
• Full-st ack custom Software Development
• UX/UI Design
• Data Science
• Quality Assurance

 

SK ID SOLUTIONS

SK specializes In international e-identity solutions. We provide cutting-edge certified trust services that meet the highest European standards. We partner with the Estonian state in issuing certificates for national identity documents. We enable the citizens of different countries to log in to e-services and give electronic signatures. In Estonia, SK caters to over 600 organizations. Our services use over a two million end-users in the Salties.

MAIN ACTIVITY

Secure PKl-based authentication and e-signature solutions trusted by the EUand compliant to elDAS, GDPR and PSD2.

OFFERS

SK is the pioneering company in Europe to offer elDAS qualified and certified services:

• Smart-ID – new generation mobile based e-identity solution
• e-Seal- secure, convenient and economical alternative to physical seal
• Time-Stamping Service – ensure the existence of specific data at a certain point of time

 

VERIFF

We verify people’s identities for banks, marketplaces, and other online businesses everywhere on Earth — in real time. Think of us as your instant global anti-fraud spray. The result? A growing global whitelist of people you can trust. Veriff is easy to integrate, works on every device and fits your onboarding flow without affecting conversion rates. That’s online identity verification with superpowers.

MAIN ACTIVITY

Veriff provides cross-platform online identity verification, which helps to onboard customers from anywhere and reduces fraud rate.

OFFERS

• Veriff provides fast and seamless way to onboard your customers from anywhere in the world
• Veriff superpowers make sure that no fraud slips by

 

VEERA

VeeRa is a startup established in 2016 that offers cloud-based financial planning and budget monitoring software for municipalities, organizations in the public sector and larger enterprises. Existing accounting softwares which are commonly used do not provide easy and understandable solutions when it comes to budgeting. VeeRa is an excellent and convenient tool for creating budgets and monitoring them.

VeeRa makes financial planning simple and understandable for every party. Already 30 municipalities in Estonia are using VeeRa for their budgeting. VeeRa simplify both budget monitoring and the creation of new budgets.

MAIN ACTIVITY

VeeRa is a perfect cloud-based solution for local municipalities and governments, medium and large size companies for financial planning and budget monitoring.

OFFERS

• Different budgets in one place – VeeRa is a tool for working and creating budgets together.
• Numbers that have a meaning – VeeRa makes communication clear between all parties who are involved in financial planning, makes budget changes traceable and understandable during the process­ all of that in one environment.
• Numbers are easy to manage – VeeRa enables to manage numbers simply and conveniently through different report views.
• All parties from a municipality mayor to a school principal or from CEO to CFO can now work with budgets at the same time, irrespective of their location or the device and the software they use.

 

Source Startup Portraits: