FinTech firm Nordigen wins Latvian Startup Law support

Financial data startup Nordigen has become the second startup registered in Latvia to receive government financing for attracting highly qualified employees. The program is part of Latvia's innovative Startup Law, which came into force on January 1, 2018. The purpose of the law is to promote the establishment of start-up companies in Latvia, stimulate research as well as the use of innovative ideas, products or processes in economic activity.

Nordigen is the second startup to be approved for the financing program in nine months, the first being Dripit.

The total program budget to be split amongst applicants is 1.2 million euros, co-financed by the European Regional Development Fund.

The money can be used to pay up to 45% of expenses generated by highly qualified and specialized employees, including both salary and paid taxes. A key financing qualification criterion requires previous funding - startups must have received a certified risk capital equity investment of at least 30,000 euros before they become eligible for support.

Nordigen recently raised $700,000 from Finland's risk capital fund Inventure and seed investors Seedcamp, bringing the total amount raised to $1 million since its inception.

“We feel that Nordigen's journey is just beginning,“ comments Ieva Grabe, Nordigen's COO. “Our enormous potential has been validated by our client successes, industry recognition and the team's relentless efforts. We are rapidly expanding and are currently looking for talented professionals who would like to join an ambitious global company.”      

Nordigen will use the support to further expand across existing markets, as well as enter new markets, such as Brazil, South Africa, the U.S., and the U.K. Nordigen Solutions was founded in 2016 in Riga. The company is owned by Roberts Bernāns, Rolands Mesters, Change Ventures, Inventure, and Seedcamp.

Earlier this year LSM climbed a tower with Nordigen and heard about the company at first hand.

More information on the Startup Law and the startup scene in Latvia is available from the Labs of Latvia website.

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