FinTech innovators awarded first-of-kind payment license by financial regulator

Lavia's financial regulator the Financial and Capital Markets Commission (FKTK) said July 27 it had approved FinTech company Nordigen as a payment institution "with the right to provide account information services".

"This type of payment service is considered to be one of the newest types of payment services... account information service enables customers to see aggregated information on the content of its payment accounts located in various banks and payment service providers. A payment institution with the right to provide account information services in Latvia is licensed for the first time," FKTK said.

SIA “Nordigen Solutions” can provide the only payment service specified in its license - account information services. 

Nordigen describes itself as "a global account data analytics provider, we help banks, lenders, and fintechs leverage open banking by extracting actionable insights from raw account data."

The company was founded in 2016 by Rolands Mesters and Roberts Bernans. Today the company has offices in Rīga, Latvia, and Madrid, Spain.

For more on Nordigen's humble origins and rapid growth to become a global player in the FinTech sector, you can read this interview with its founders from a couple of years ago. It was also one of the pioneers of Latvia's innovative Startup Law designed to attract foreign investors and skilled workers to the high-tech sector.

 

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