Latvian FIS.solutions raised €250K from Expansion Capital

Latvian IT-services company FIS.solutions has raised €250K from Latvian fund Expansion Capital. 

FIS.solutions was founded in Riga in 2011 by Juris Cirkovs, Kristaps Veinbergs, and Armand Lisek. The company developed a codeless loan management system for lenders, fintechs, and banks. With the help of this solution, it is possible to manage secured and unsecured loans for individuals and legal entities, such as short-term and long-term loans, car leasing, mortgage loans, lines of credit, consumer loans, invoice factoring, and other products. FIS.solutions will use financing to expand the team.

In the future, the company plans to make basic functions of FIS.solutions a freemium service. It will charge users for using additional options. After integrating the freemium version, the startup plans to raise the next round of investments to expand into new markets.

Expansion Capital AIFP fund invests from €150K up to €2,7M in Latvian companies with equity stakes 10% - 49%. Expansion Capital has launched two funds - INEC1 AIF and INEC2 AIF. The size of INEC2 AIF is €6,5M, which invests from €150K to €250K in seed stage companies/projects. Expansion Capital AIFP partners with Latvian public financial institution Altum.