October 8, 2024

By Reporter Armanda Vilciņa, Dienas Bizness.

For a company to be successful, it must be able to adapt to the times, grow, and continuously evolve, notes Evita Lune, Partner at Pedersen & Partners.

In today's fast-paced world, where everything is changing rapidly due to the technology, a successful entrepreneur must recognize and account for these shifts, asserts E. Lune. "We can no longer offer our clients the same services we provided 30 years ago," she explains. "The ability to foresee the future and continuously learn new things is an essential component of any company’s success story. Modern, advanced team is equally important. In any business, people are the foundation. They are the ones who achieve the set goals and drive the company’s success," says Evita.

Seizing Opportunities

"I’ve always been a motivated and ambitious person, but as a child, I didn’t have a clear dream profession," says E. Lune. "Instead, I focused on achieving short-term goals. During my school years, I was involved in rhythmic gymnastics, always striving for the best possible result—whether that meant joining the best team, scoring higher points, or winning competitions. However, I was also realistic and never dreamed of becoming an Olympic champion. After finishing high school, I decided to pursue further education. I performed well in majority of subjects, so the idea of not studying wasn’t even considered. This period also coincided with the fall of the Iron Curtain, which opened up many new opportunities, including studying international economic relations. At the time, any kind of cooperation with foreign countries seemed like a great opportunity, so I chose this field of study, which had just been introduced at the University of Latvia. The competition was fierce, but I succeeded and had the privilege of studying alongside exceptional peers from across the country, gaining a solid foundation in economics," recalls E. Lune, who began her professional journey while still in her second year of university.

"My first serious job was with the fuel retail company Shell. At that time, Shell was new to the Baltics, and all gas stations were being built from the ground up. I was one of the company's first employees, starting in retail marketing. I later worked in marketing for the CEE Cluster in Budapest and then transitioned to a strategy analyst role with the EU strategy and planning team in Brussels, dealing with confidential M & A projecs. It was an incredible experience, as the company was highly professional and ethical. I gained just as much knowledge at Shell as I did at university—each task was underpinned by years of accumulated expertise. Whether in marketing, retail management, or other leadership areas, we used advanced methods, and I am truly grateful for the opportunity to learn and grow during that time," says E. Lune.

Creating a Business

After six years at Shell, E. Lune decided to take on new challenges and try her hand at private business. "In 1998, together with my colleague Agija Jansone, we opened our own clothing store. At the time, there were no large shopping malls or well-known international retail chains in Latvia. Coming from Shell, we both understood how retail operations worked, so we decided to give it a try. Of course, it was a completely different experience—starting a business from scratch without significant backing and relying on our own resources, but we succeeded. There were plenty of challenges, but it was an interesting period, which we eventually brought to a close. Agija continued in the clothing business, but I joined the team at Stockholm School of Economics in Riga. I missed the intellectual challenges. While the private retail business was emotionally fulfilling, it wasn’t intellectually stimulating enough for me. Stockholm School of Economics in Riga, with its reputation, seemed like a true source of knowledge and inspiration to me, so I chose this new career direction," says E. Lune, who first worked as the Head of the Bachelor's Thesis Faculty for two years, then as the Director of the Executive MBA program for nearly two more years, before joining Pedersen & Partners in 2005.

"I ended up at Pedersen & Partners thanks to one of my former students, Kārlis Andersons. He was the first employee hired in Latvia by the company—he set up the office and had already secured the first clients. Since I wanted to return to the business environment, he offered me the opportunity to work at Pedersen & Partners, and that’s how my journey with the company began. Initially, I became the head of the Latvian office, then the Baltic region, and eventually took responsibility for Poland as well. We built not just a company but also an entire industry from scratch, as executive search services were not widely recognized at the time. Today, I am a co-owner and global partner of the company, working with fintech clients worldwide," says E. Lune.

Inspiring Others

Evita is direct, concise, highly organized, goal-oriented, and results-driven, notes Inga Ezera, Senior Consultant at Pedersen & Partners. "Evita is one of those rare people who can achieve outstanding business results while leading teams toward ambitious goals, all while maintaining a balanced life—incorporating regular yoga and fitness sessions, ice swimming in winter, attending cultural events, and taking care of her family. Her life is filled with activities that are important to her, and she manages to accomplish so much because of her excellent time and task management. She is definitely a role model for me in business leadership and personal development. Her straightforward yet respectful communication style is inspiring and motivates purposeful action, as well as a focus on what truly matters. Evita provides immediate and constructive feedback on what has worked well, and her insights inspire positive changes. She continuously aims higher and further, while encouraging others to expand their horizons as well," says I. Ezera.

Anna Andersone, the head of the Riga TechGirls association, openly expresses her admiration for Evita's achievements: "I've always been pleased with Evita's successes. We have consistently supported each other—through mentoring, offering advice, sharing ideas, and providing guidance when needed. I must say, Evita is incredibly intelligent—she has a keen ability to recognize patterns and a deep understanding of people. One of her greatest strengths is her openness, straightforwardness, and courage. I believe these qualities serve her well in a professional environment. Evita is not afraid to take on significant responsibilities and see them through to success. Additionally, she excels as a connector—she can build relationships with a wide range of people and bring them together. I find Evita to be an inspiring individual because she approaches everything she does with passion," says A. Andersone.

Mečislavs Mačulēvičs, Director of Human Resources at Rimi Baltic, describes E. Lune as a collaborative leader: "I've known Evita for quite some time, but our professional relationship deepened when I took on the role of Director of HR at Rimi Baltic. We have worked together for about six years, and I must say, our collaboration has been extremely positive. There are several reasons for this. Firstly, Evita has always demonstrated a strong understanding of the market in which we operate, dedicating sufficient time and energy to ensure she understands exactly what we need. Furthermore, I would highlight that Evita is a reliable partner—we regularly meet and maintain communication, even when we don’t have an active project together. She is a proactive leader who can critically analyze both situations and client needs, and she works exceptionally well with people," notes M. Mačulēvičs.

Building a Team Like a Puzzle

E. Lune believes that one of the most valuable skills in a leadership role is the ability to select the right people. "The team is critical in any company, regardless of the industry it operates in. I believe humanity has progressed because of our ability to work collectively. The ability to align everyone toward a common vision and direction is incredibly important. If the team is not cohesive and does not share a common goal, it’s no longer a company. Moreover, the team must be diverse. In our firm, we have intentionally hired individuals from different countries to diversify our perspective—different cultures, temperaments, and fresh viewpoints. Additionally, people from other countries energize local colleagues and bring new dynamics to the team," says E. Lune, adding that building a team is like assembling a puzzle.

"A leader must recognize their own weaknesses and hire people who are strong in other areas, thus creating a unified mechanism where everyone has their strengths but works toward a common goal. Colleagues must complement and support each other. Trust and mutual reliance are also essential. It’s important to know that even if I’m not present, the idea I stand behind will be implemented and represented," E. Lune concludes.

Armanda Vilciņa
 

By Evita Lune, PhD, Partner, Global Head of the FinTech Practice at Pedersen & Partners.

During the last month, I've been working on a high-profile search for one of the most promising pan-European BaaS companies. Here’s what I found after talking to more than 30 executives:

🌍 BaaS is still an uncharted territory. Some companies will come out as winners, and some as losers. A strategy with a clear focus (like clearing and settlement or working capital solutions for merchants) tends to be more successful than trying to offer everything to everyone. 

📈 The industry is evolving with major changes, such as Clear.Bank acquiring a European banking license in the Netherlands and Unicredit looking to acquire Vodeno and Aion. 

🔗 Clients (usually merchants and Fintechs) prefer providers with two main features: full API connectivity and a banking license. 

💸 The main area to explore for revenue is embedded lending. Payments were expected to be the big thing, but they got commoditized in Europe pretty fast. 

📉 On the liabilities side, AI-driven investments and deposits have taken off well, but this could change if interest rates go down. 

🛡️Relationships with regulators and strong, business-oriented compliance/AML teams are crucial. Several players, including market leader Solarisbank, have faced AML and fraud issues, hampering both business development and access to funding. 

🏦 To offer full BaaS services, including lending, working capital solutions, and BNPL, a significant balance sheet is required, especially if the goal is to onboard larger marketplaces, retailers, franchises, and corporates as clients. 

🤔 BaaS providers working directly with merchants sometimes underestimate the challenge of clients' lack of digital savviness, which can impede scaling despite having impeccable technology. 

⚙️ While tailor-made technology solutions might seem best to attract clients, standardized tech solutions are a better choice for high growth and scalability. 

💼 Financial investors are still cautious, holding back due to the US elections and high demands from regulators. 

🚀 Some consumer neobanks have decided to enter the BaaS sector by offering their technology to other fintechs (acquirers, processors, A2A providers). Examples include XYB (Monese), Vodeno (Aion), and Lunar. 

👀Leading players to watch: Clear.Bank, Banking Circle, Solarisbank, Vodeno, LHV, Magnetiq.

By Evita Lune, PhD, Partner, Global Head of the FinTech Practice at Pedersen & Partners:

I have been impressed by dynamic and proactive work that Marine Krasovska, Head of the Financial Technology Supervision Department at Latvijas Banka, has been doing with the FinTech community in recent years. Therefore, I am very thrilled to have the opportunity to interview her about recent developments in the regulatory landscape in the European Union (EU) and Latvia in particular. 

Evita: How attractive is the Latvian regulatory environment for FinTech firms? What type of companies would you recommend choosing Latvia as a licencing hub? 

Marine: Latvia can be proud of its strong compliance culture and predictable legal framework, which foster innovations and customer protection. A licence issued by Latvijas Banka authorises a financial market participant to work and provide services in every EU Member State. 🏦Supportive regulatory regime provides guidance, helping firms navigate regulatory requirements efficiently. To enhance FinTech development, FinTech supervision departments were established in 2020, staffed with dedicated experts specialising in financial innovation. 📈 

🛠️ In order to facilitate the development of the FinTech market, the Ministry of Finance implements a FinTech strategy, aimed at encouraging the development and adoption of new financial technologies and services to enhance the competitiveness of the financial sector. Latvijas Banka introduced special tools: the Innovation Hub and Regulatory Sandbox, and later added pre-licensing assessment. It is an opportunity for potential market participants to receive valuable guidance and recommendations already during the document preparation stage, thereby strengthening their quality and reducing the time for subsequent licencing. 

💰Latvia offers competitive corporate tax rates and other tax incentives for start-ups and tech companies, making the country financially attractive for FinTech companies. Latvia also has one of the best regulation for start-ups: start-ups in Latvia may receive state aid. The aid programmes and their granting criteria are defined by the Law on Aid for the Activities of Start-up Companies. One of the types of support allows start-ups to reduce their labour costs. There are two support mechanisms available: the option to pay a fixed social tax per employee and exemption from personal income tax, or obtaining 45% co-financing for the remuneration of highly qualified workers. 📈 In addition to this, there are company capital share purchase rights available for employees. Granting the right to purchase capital shares is a bonus system designed by companies to attract and motivate employees. This is a valuable tool for young and ambitious FinTechs. The right to purchase capital shares, or share options, enables employees to acquire shares of the company at nominal price or free of charge after a specified period of time, irrespective of the current fair market value of the shares. The employee has the opportunity to realise shares and capitalise on any increase in the company's value. Another tool is the start-up visa, which enables non-EU founders of start-ups to travel visa-free throughout the Schengen area and obtain a certified e-signature.

💼Latvia boasts a highly educated workforce renowned for its strong skills in IT, compliance, and finance. The availability of skilled professionals is a significant advantage for FinTech firms seeking to develop and expand their operations. 

Evita: As a member of Holland FinTech I have heard a lot about current and upcoming regulatory changes in the EU. How do you see the FinTech ecosystem to evolve in light of the new European regulatory environment: Instant Payments Directive, MICA, AI Act, PSD3, DORA, etc. Please share the impact on business from each of them. 

Marine: Certainly, MiCA, DORA, PSD3, and FiDA, alongside emerging technologies like blockchain, AI, are creating new opportunities. 

🔒Until now, the EU lacked a unified legal framework for the crypto-assets industry. The new regulation establishes common conditions for companies across the EU, addressing gaps in national regulations that cause market fragmentation. This will create an environment conducive to developing a larger EU crypto-assets market and fully utilising the EU's internal advantages. MiCA aims to foster the growth of the crypto-asset sector in Latvia. It applies to those involved in issuing, offering, trading, or providing services related to crypto-assets. Financial market participants will need a licence from Latvijas Banka, valid throughout the EU. 

🛡️ In addition to opportunities, MiCA also presents significant challenges for companies to comply with regulation and navigate the comprehensive and complex requirements. This may led to industry consolidation at EU level, providing better quality of business models and corporate governance. The market has to ensure robust cybersecurity measures, data protection practices, customer protection, and financial stability to meet standards. Starting from January 2025, Latvijas Banka will be able to issue licences for operations under MiCA. Now is the right time for companies to adapt their business models and operations to align with the new regulatory framework, which may involve substantial changes in organisational structures, management, business processes, and investments, especially in compliance related to the field of ML/TF. Companies have to demonstrate strong organisational capabilities, adequate knowledge, skills and expertise to perform functions to ensure sustainability. 

🌐 DORA is another regulation that will apply to financial institutions starting from 17 January 2025. It aims to harmonise and consolidate regulatory ICT requirements across the EU, enhancing financial institutions' ability to manage ICT risks, mitigate cyber threats, and improve their cybersecurity capabilities. The main focus of the DORA regulation is centred on four areas: ICT risk management framework, ICT incident reporting, digital resilience testing, and ICT third-party service provider risk management. Key challenges in implementing DORA include ensuring compliance with rigorous cybersecurity and operational resilience requirements. Market participants have to allocate adequate resources, investments in technology and skilled personnel to address cyber threats. Readiness for DORA is affected by the lack of IT industry professionals on the market and variations in the maturity of management process capabilities among market participants. 

⚠️ In the financial industry, cybersecurity is crucial, as it safeguards business data and assets. Currently, financial institutions in Latvia are prime targets for cyberattacks, which can result in significant financial losses, reputational damage, and legal liabilities. AI-powered cyberattacks are an emerging threat in the global cybersecurity landscape. Weak cybersecurity can result not only in data breaches, business disruption, and loss of authorisation, but also affect the stability of the entire financial system. 

📊 The cloud infrastructure and outsourcing services are widely used in the financial sector. As the banking sector is being digitised, its reliance on third party providers still grows. Within the existing regulatory framework, certain IT outsourcing risks are not managed effectively enough. The DORA introduces stricter standards, and the European Supervisory Authorities will supervise the external critical service providers for the EU under the DORA. 

🤖 The European Commission has approved the AI act to address the risks and opportunities that AI can bring. The aim of the regulation is to improve the application of AI in the internal EU market and to ensure legal clarity and a solid foundation for the use of human-centered and trustworthy AI. The regulation should also ensure that the fundamental rights are protected and technology is used in a highly secure manner. It not only harmonises the rules for the deployment and use of AI systems in the EU but also defines prohibited applications of AI and lays down specific requirements for high-risk AI systems as well as obligations for the operators of such systems. 

💳 The PSD3 sets out more extensive SCA regulations and stricter rules on access to payment systems and account information. The aim of the regulation is to protect the consumer rights and personal information while improving competition in the payments industry. To enhance the regulatory framework for payment services, the provisions of the PSD2 and the E-Money Directive will be merged into the PSD3. Under these provisions, e-money institutions will formally cease to exist and will be referred to as payment institutions. Among a range of other services, they will still be able to issue e-money. 

🔓 To support innovation in the financial services sector and to improve the control of the EU customer data, the FiDa/OpenFinance proposal was drafted. It aims to develop open finance by stipulating requirements and creating incentives for data holders to share data in an efficient and standardised way. At the same time, customers would retain control over their data, and their data privacy and safety would be preserved. This should simplify the process of opening financial accounts and promote more personalised financial services, based on the shared data, and so access to and availability of the financial services would improve overall. 

Evita: As we are working with global executive search projects on a daily basis, I could characterize our Fintech talent pool as exceptionally strong – we have young C level executives, who have achieved a lot in their late 20ies/ early 30ies already and a dynamic career in a global scale up with a global hub out of Riga is a more desired growth path for most talented candidates as opposed to a classic corporate career. Would you agree with the argument that the small size of our country has pushed us to be very entrepreneurial and ambitious, develop global business models and advanced technology? 

Marine: The entrepreneurial spirit and ambition of our financial industry professionals has been affected by the small size of Latvia. So far, fintech entrepreneurs have mostly focused on innovations and looked beyond national borders to achieve growth. 🌍 Such practices can be observed on investment services platforms as well as in lending and consumer financing. These segments are characterised by large international market participants and fierce competition both on the European and global scales. 

💼 Historically, financial and IT experts emerged in the early phases of the financial industry's growth cycle. As a result, young experts had the opportunity to take on greater responsibilities and were exposed to more challenges to overcome and learn from. Every such challenge served as an accelerator and prepared talents for leadership roles faster than it would have been possible in larger countries where experts have followed the same path for many years and even decades. These experts were born into C-level executive roles. Any Latvian FinTech company should have a global mindset and outlook taking into account the dynamics of emerging technologies, development of innovations, changes in the generational and customer preferences. 

🏫 In this sense, Latvia is a fantastic place where a FinTech company can grow, test business models, hire top-tier talents and scale the business across the EU and beyond. Over last three years, the educational system has provided a solid foundation for the development of advanced technologies, launching new practical programs oriented on entrepreneurial FinTech business (RTU and RBS). Due to the rapid digitalisation of public and private sectors, FinTech companies encounters challenges with covering the gap in the talent pool as well as attracting young professionals and retaining them within the organisation. In contrast to the classical education that provides solid foundation for employees, the companies are increasingly seeking specific skills and value them higher than the formal education. Latvia offers excellent environment for acquiring these skills with strong emphasis on practical and hands-on learning to support continuous professional development. Even with limited talent resources, young entrepreneurs are compelled to think creatively and develop internationally competitive cutting-edge financial solutions. In this way, the challenge of limited resources becomes a catalyst for achievements and entrepreneurial success in the FinTech industry. Companies are focused not only on attracting young talents and surviving but also on retaining, mentoring and developing their leaders which allows them to build competitive and sustainable business models. 

🚀 Concluding remark from Evita: 

We all know Latvia is a small market, but our FinTech entrepreneurs have managed to turn this objective drawback into an advantage and have developed some of the most impressive and fast growing Fintech companies in the world. 🌍 Mintos, 4finance, Sun finance, Eleving, AvaFin are just a few examples. Latvian Regulator, as demonstrated by an example of Marine has been very open, accessible, proactive and welcoming for new business models and creation of a Fintech startup friendly ecosystem. In light of new and changing regulatory landscape and yet tightening cooperation among EU states in light of global geopolitical developments, choosing a strong and supporting EU hub in Latvia is advantageous and often an overlooked opportunity.

 🌟 Concluding remark from Marine: 

📈 Latvia has taken significant steps towards establishing a supportive regulatory environment for the FinTech industry. Our strong compliance culture, competitive tax incentives, and highly educated workforce make Latvia a compelling choice for FinTech companies looking to operate within the EU. The recent regulatory changes in the EU, including the MiCA, DORA, PSD3, and the AI Act, are set to transform the FinTech landscape, creating new opportunities while also posing compliance challenges. 

🛡️ The introduction of a proactive approach, such as pre-licensing assessments and support mechanisms for start-ups, has fostered a thriving entrepreneurial spirit. This environment is still new but ambitious, with professionals who are prepared to take on leadership roles in a dynamic and innovative market. Latvia continues to invest energy and resources in digitalisation and technology to preserve an attractive hub for the FinTech companies aiming to scale their operations across Europe and beyond. The combination of regulatory foresight, talent development, and a robust support system positions Latvia as a leading player in the global FinTech ecosystem. 🌍

By Evita Lune, PhD, Partner, Global Head of the FinTech Practice Pedersen & Partners

May 20, 2024 - Helsinki

Nordic FinTech Summit is on my agenda every year due to an opportunity to see my Nordic clients and candidates all in one place and learn what’s cooking. Thank you, Ola Sundell and Janne Salminen for making this happen!

The most successful Finnish Fintech Multitude was announcing superb quarterly results today, so it was very challenging to juggle between the two events. My humble suggestion would be to bring someone from Multitude or CapitalBox to the stage to hear real achievements from the best. Jokela Jorma, Mantvydas Štareika, Antti Kumpulainen, and Kristjan Kajakas actually developed a profitable, well-funded, well-governed group of challenger companies.

Some promising ventures to watch in Finland: Coinmotion led by Antti-Jussi Suominen educates crypto enthusiasts to work with crypto for long-term wealth creation. Luckily, with MICA regulation in the upcoming years, the platform will be available for European investors from outside Finland. While one may think that more is better, Coinmotion scrapped the cards and payments business to focus on the core.

It was good to see Latvian FinTech entrepreneurs like Armands Liseks taking the stage and kicking off new ventures. The success of Latvian online lenders and associated businesses is underrated, probably due to their focus on other markets than Nordics. There is a lot inGain can offer to non-finance industries looking to innovate their offering with financial products.

Georg Hauer reconfirmed the future of banking being customer-centric, with consumer retail brands in front and BaaS solutions in the back and that emerging markets have jumped over the branch banking stage: from unbanked directly to mobile banking. The banks, which choose to ignore the trend will most likely end up like Nokia phones versus Apple. Juha Keski-Nisula from XMLdation discussed how to view CBDCs from a Fintech Perspective and finally taught us all what FinTech really means: Finnish Technology 😊.

By Evita Lune, PhD, Partner, Global Head of the FinTech Practice Pedersen & Partners

June 6, 2024 - Amsterdam

AI and Generative AI are high on the agenda both with incumbent banks and FinTechs. AI is used for daily functions in client onboarding, CRM, collections, and customer proposition development, while generative AI makes the internal processes easier and more tools become available, as highlighted by Marnix van Stiphout, ING and Joanne Hannaford, Deutsche Bank.

In the era of personalization when all different service providers know so much about everyone, there is a risk of overpersonalisation, or the phenomenon that we never like about our mothers – they tend to wand to know too much. Mastercard hosted a stage about that.

Baltic regulators are particularly favorable for FinTech ecosystem development including crypto exchanges, EMI-licenced companies and neobanks. Jēkabs Groskaufmanis (Invest in Latvia) as well as neighbors from Finance Estonia and Invest in Lithuania were there to convey the message.

Bunq announced on the stage a partnership with Mastercard open banking. Now all Bunq customers will be able to add all their banking Apps on Bunq and manage their expenses and budgets with the support of AI assistant Fin.

Incumbent banks are pretty happy about their achievement in digital transformation and do not seem to be disrupted by FinTechs. From several stages I heard the same message: FinTechs never really disrupted us and never will. They are nice support to the system, ecosystem players, suppliers, and nothing more.

*On the photo: Evita with Emin Can YILMAZ, Founder and CEO, Param; and Amit Malik, Associate Director at EBRD, Member of the Supervisory Boards at Aion and Vodeno.

March 29, 2024 - Riga, Latvia

Evita Lune, Partner and Global Head of Pedersen & Partners’ FinTech Practice, was recently interviewed in a podcast hosted by serial entrepreneur Matiss Ansviesulis regarding our approach to executive search and the process of finding the best CEO.

*Note: the interview is in Latvian language.

Here are a few highlights from the interview:

1. In effective networking, I prioritize adding value in every conversation. For me, networking is not spontaneous but rather systematic within relevant business circles.

2. After years of working with corporate clients, I found my niche in working with FinTech scale-ups due to their openness to novelty, direct and authentic culture, global ambition, and technological advancement.

3. In completing assignments, the maximum number of candidates on the long list has reached 700, while in more usual cases it is around 100-150 candidates. Despite the abundance of candidates, only a few are truly successful and talented.

4. For CEO mandates, I develop an individualized pitch based on the specific candidate's soft spots and why it would be relevant for them to change jobs and join our client.

5. While we assist in developing the Executive Value Proposition within each mandate, the ability of the hiring manager/body to pitch their company and the position is crucial for attracting shortlisted candidates.

6. CEO profiles and types of FinTechs vary significantly depending on the form of ownership. Firms owned by financial investors focus on growth towards the next valuation cycle, while privately-owned firms often bootstrap and focus on profitability. They are less affected by financial market cycles.

Evita Lune, Partner and Global Head of the FinTech Practice Group at Pedersen & Partners, will be speaking at the FinTech Board Members Academy workshop: Empowering Excellence, on January 25-26, organized by the Baltic Institute of Corporate Governance and Fintech Latvia Association.

The inaugural edition of the "Fintech Board Members Academy: Empowering Excellence" will be held on January 25-26. This meticulously crafted, two-day, in-person event is tailored for industry leaders, bringing together over 10 local and international speakers to provide comprehensive insights into critical topics shaping the future of the fintech industry in Latvia.

The Academy is organised by the Fintech Latvia Association in cooperation with the Baltic Institute of Corporate Governance and will help you understand the expectations of the Regulator and get insights from industry professionals as well as established market participants on how to fulfill those expectations in a compliant manner, including topics like establishing a compliance and internal control system, creating an effective governance structure, risk management, etc.

For more information about the Academy and to register: fintechacademy.lv. Admissions open until 22 January.

This week Evita Lune, a Partner, and Global Head of the FinTech Practice Group at Pedersen & Partners had the honour to evaluate the ten most focused teams who completed the eight-week phase of the pre-incubation program at the University of Latvia. The jury awarded 3 teams a cash grant to further develop their ideas: ReCyclone, Purefy and Kyukvi. 

“I would like to thank the Business Incubator of Latvijas Universitate for inviting me to be a patron and a mentor for this program. I am looking forward to seeing the progress of the teams in the next 12-week stage, which will start in January 2024. I am also excited to meet the new batch of aspiring entrepreneurs joining the incubator soon. 

I believe that supporting the start-up ecosystem is crucial for Latvia's economic and social development and the region. I encourage other individuals and companies to donate and act as mentors for the Business Incubator at Latvijas Universitates and help the next generation of innovators succeed."

Evita Lune, Partner and Global Head of our FinTech Practice Group, shared her insights with the Nordic Fintech Magazine during the Nordic FinTech Summit in Helsinki. Watch the video to learn more about the challenges of attracting and retaining top FinTech talent, discover what brought Pedersen & Partners to this prestigious event and find out how Evita describes the Nordic Fintech ecosystem in just three words.

The LIDERE (LEADER) Forum is a Latvian forum dedicated to inspiring women to reach greater heights of achievement. LIDERE has successfully organised five major annual events since 2018, providing a platform for renowned public servants, businesswomen, academia, cultural ambassadors, sports stars, among many others, to speak up, share, encourage, and propel women’s issues to large regional and global audiences.

Evita Lune, Partner and Global Head of the FinTech Practice Group at Pedersen & Partners, addressed the 2020 LIDERE forum, where she shared the floor with Vaira Vīķe-Freiberga, the first female president of Latvia, Ilze Viņķele, Latvian Minister of Health, Laura Keršule, Vice-President of LMT, Lotte Tisenkopfa-Iltnere, founder of Madara Cosmetics, and Gunta Jēkabsone, Chairperson of the Board at Augstsprieguma tīkls AS. The event was attended by 1,000 live participants and 10,000 streaming.

In a recent publication of selected highlights from LIDERE forum speeches, Evita’s contribution draws on her observations from her extensive background in Executive Search, specifically in FinTech, and the blatant absence of women candidates for top level positions. She reflects on the lack of opportunities for women around the world who are bound by legal restraints, stereotypes, traditions, and unfair treatment in the workplace. On the other hand, women in other developing or developed countries hold themselves back from seizing opportunities and rising above their comfort zone.

Vaira Vike-Freiberga, the first female president of Latvia; Laura Ikauniece, Latvian athlete; Elina Garanca, Latvian mezzo-soprano; Mara Zalite, Latvian writer and cultural worker, and the Līdere forum speakers are just a few of the successful Latvian women Evita mentions as inspiring role models.

Evita’s speech concludes with an invitation and a challenge to women to put aside their fears, timidity, indecision, reluctance to take responsibility – and instead, live a fulfilling life in which they set and achieve ambitious goals.

The upcoming sixth edition of the forum, the growing interest towards the issues addressed, and the loyal audiences who attend year after year are a continuous testament to the important work done by Solvita Kabakova, the founder of LIDERE, and her team in advancing these issues both regionally and globally.