Startup Europe Awards

NORGIDEN is the winner of Fintech Latvia


Country: Latvia

Category: Fintech


Project Aim:  Help people by helping banks use alternative data sources for scoring the potential of the client.



Why does Nordigen been created ?

We created Nordigen because a few years ago we realised that vast majority of banks in Europe turn down many potentially good loan applicants only because they don’t have a credit history. A friend of ours wanted to get a mortgage, but because she previously had not had any liabilities, the bank answered that her credit score was not good enough.

How was the business been created?

After we hear her story, we realised that this is a data science problem – one which can be solved by helping banks use alternative data sources for scoring, such as customer bank account history. This gave us inspiration to quit our day jobs and built an algorithm that analyses transaction data and is able to spot risk-critical details. We started two years ago and right now we have 25 clients in 5 countries in Europe, including banks and credit institutions from Baltics, Finland, Poland and Spain.

What you achieve ?

We solve a great problem for citizens in Europe – 30-90% of all loan applicants in Europe are rejected, which means that millions of people every day are forced to look for suboptimal financing sources. Our solution allows banks to become better at identifying good loan applicants, which means that more people get access to reasonably priced financing while banks get better customers.


For me as the co-founder of Nordigen, winning the #SEUA16 Latvia is very heart-warming – this means that the startup community sees value in what we do, which gives a lot of encouragement to continue our growth.