Riga, Latvia - Evita Lune, Partner at Pedersen & Partners, interviewed Anastasija Oleinika, Chief Executive Officer, TWINO Group, for Riga TechGirls. Anastasija is the CEO of the TWINO Group, a Latvian FinTech which focuses on p2p lending. TWINO investors come from all over Europe, and it offers loans to borrowers in Latvia, Poland, Kazakhstan, Vietnam, and Russia. TWINO employs over 400 people, with 70 working at the HQ in Riga, and has issued more than EUR 1bn in loans since launching operations. Anastasija is listed by Forbes Latvija as one of their “30 under 30”.

Evita: So, Anastasija, a great opportunity to meet you in person. Obviously, I have heard a lot about you – not only from TWINO founder Armands Broks, but also from the public – about your new role, and your achievements in the past. It’s quite amazing how many top-class certifications you have achieved. Starting with the Riga First Gymnasium – which we all know is highly competitive, with ten applicants for every place – then again at the Stockholm School of Economics in Riga, the CFA, the Corporate Governance Institute and so on. Can you tell me what motivated you to take all these challenges and get all these relevant certifications?

Anastasija: It’s a pleasure to meet you too, Evita, and thank you very much for being here. Talking about my qualifications, my motivation has never been the end result of hanging certificates proudly on the wall. What interests me is the complexity of the process. Due to my competitive spirit, I often think “Hmm, others have failed at this. This is going to be a challenge, and it’s going to require hard work. Am I up for it?” My first reaction is usually that I’m scared to fail, but then I think: “So, what if I failed? Then at least I will have tried, so let’s try this.” I have to admit that maybe I’m an unusual case, because I have been lucky enough not to have experienced any major failures to date, so I might feel a bit bolder than some.

However, I’m sure that if I hadn’t got into SSE Riga on the first attempt, I would have used that moment to either accept that I didn’t get in, or to take a year out to do something else and then try again, and not define it as a failure at the end of the day.

Evita: Excellent! So, you were ready to accept failure, but it never came to you, and I hope that it never does come to you.

Anastasija: It is more about not stopping when the first attempt doesn’t work out. You can say: “Fine, I failed,” or you can keep pushing, keep doing.

Evita: And what are your goals in general in your professional life? Did you strive for the CEO role or did it come to you?

Anastasija: It definitely came to me, and it happened rather unexpectedly. I’ve always been more of a technical person; I like numbers a lot, I like working in Excel, it excites me. I can spend long hours just trying to reconcile the balance sheet! So I always thought that becoming a CFO would probably be my highest achievement, and it would definitely come later in my life. However, I quickly understood that although numbers are interesting, they have no value by themselves. You need to see the big picture, where the numbers fit, and it is only then that you develop an intuition about what you expect to see in the numbers you are working with. At that point, you start to understand how specific analytical factors, product ratios, components affect the end result.

From there, I started looking at business as this huge mechanism that is driven and its success defined by, first of all, the numerical parameters that we set for our product, second, the processes that we have inside the organisation and their efficiency, and third, by our people and their attitudes. A motivated team can deliver in time and overachieve their KPIs – conversely, if you give the same team a similar task but without a clear purpose in mind of why they are doing it and why it’s important, they will keep missing deadlines.

These are the things that excite me. There are so many different angles to business, and you can try out different combinations of things. It’s like a playground. When you have that freedom, you understand that there is always room for improvement, no matter which direction you look in.

Evita: The TWINO platform itself scores pretty high on the Pan-European scale when I look up the different rankings. What’s the reason behind this? What’s so great about your platform?

Anastasija: Yes, we are fourth in Continental Europe by investment size.

Evita: Who are the top three?

Anastasija: The industry leader is Mintos, also from Latvia, with Younited Credit (France) and Auxmoney (Germany) competing for second and third place.

However, we are a little different from Mintos, for example. Their platform works with various parties that are not directly related to their business; they are an intermediary, a marketplace.

Since the inception of the TWINO platform in 2015, we have positioned it a bit differently, offering only loans that the TWINO Group has itself issued in various countries. To grow our volume, we actually need to grow the issuance volume in our countries. We always look at this very consciously, because we need to optimise in terms of product economics and general profitability – we need to be able to reach into a market and find that sweet spot. Obviously, we can increase volumes, but then the total profit may go down. This is why our business is not based on the total volume of demand that we can generate from our investors, but on the supply of quality investment opportunities that we can offer to them. As we only offer loans that the TWINO Group has issued, we can guarantee the quality of the loans and make assurances to our investors that their investment is safe. We also provide buy-back options for loans that perform worse than expected.

I believe that this guarantee of quality, the safety of the investment, the assurance that we (well, our algorithms) have examined each loan that is issued, is the reason that so many investors stick with the TWINO platform. Recently the industry has seen huge spikes in the interest rates offered to investors, with return rates of up to 20%, but we have never offered that. We know that with the quality of the portfolio that we have, the return that we can safely guarantee to our investors is lower, more like 10-12%. If an investor is willing to undertake a higher risk, we say “fine, you are welcome to go to another platform, but our competitive advantage is elsewhere.” What we are offering is the quality and safety of the investment.

We also maintain personal relationships with our key investors. We ask them how they are doing, sometimes they come over to our office to meet the team, we meet them at different conferences and events, just to talk. We gather their feedback about our platform, and introduce changes that make all our investors happier. [...]

Read the full interview here (Riga TechGirls Medium account).

Evita Evita Lune is a Partner and Global Head of FinTech Practice Group at Pedersen & Partners. Out of her total portfolio of over 600 assignments, she has completed over 100 senior level FinTech assignments in over 40 countries. Ms. Lune works extensively with Nordic FinTech clients, bringing effective Executive Search solutions to support their global expansion plans on all continents. Ms. Lune also supports clients in the Middle East and South East Asia, by engaging Nordic talent to drive digital transformation worldwide. In addition to her Executive Search accomplishments, Ms. Lune’s previous experience includes three years with the Stockholm School of Economics in Riga as the Executive MBA Program Director, and six years with Shell in international and regional marketing management functions in Riga, Budapest, and Brussels. Ms. Lune was a speaker at the CEE FutureTech congress in Warsaw – one of the most important business summits in Central and Eastern Europe – and participated in the Blockchain Pre-Accelerator Program at University of Latvia. She is also a blogger for RigaTechGirls, a Jury Member of CEE Capital Markets and FinTech Awards and a Contributing Advisor at the Digital Freedom Festival.  Ms. Lune has been recognised by Forbes as one of the top 25 most influential women in Latvia for two years in a row.

Ms. Lune has a PhD in Social Economy. Evita Lune speaks fluent Latvian, English, and Russian and has passive fluency in German, Swedish, and Polish.

Pedersen & Partners is a leading international Executive Search firm. We operate 54 wholly owned offices in 50 countries across Europe, the Middle East, Africa, Asia & the Americas. Our values Trust, Relationship and Professionalism apply to our interaction with clients as well as executives. More information about Pedersen & Partners is available at www.pedersenandpartners.com

If you would like to conduct an interview with a representative of Pedersen & Partners, or have other media-related requests, please contact: Diana Danu, Marketing and Communications Manager at: diana.danu@pedersenandpartners.com

January 13, 2020 – Riga,  Latvia – Pedersen & Partners, a leading international Executive Search firm with 54 wholly owned offices in 50 countries, is pleased to announce that Partner Evita Lune has been appointed Global Head of the newly-launched FinTech Practice Group. Evita will also keep her position as Regional Head of the Baltics.

Evita Lune has championed Pedersen & Partners’ global FinTech engagements over the course of several years. Out of her total portfolio of over 600 assignments, she has completed over 100 senior level FinTech assignments in over 40 countries. Ms. Lune works extensively with Nordic FinTech clients, bringing effective Executive Search solutions to support their global expansion plans on all continents. Ms. Lune also supports clients in the Middle East and South East Asia, by engaging Nordic talent to drive digital transformation worldwide. In addition to her Executive Search accomplishments, Ms. Lune’s previous experience includes three years with the Stockholm School of Economics in Riga as the Executive MBA Program Director, and six years with Shell in international and regional marketing management functions in Riga, Budapest, and Brussels. Ms. Lune was a speaker at the CEE FutureTech congress in Warsaw – one of the most important business summits in Central and Eastern Europe – and participated in the Blockchain Pre-Accelerator Program at University of Latvia. She is also a blogger for RigaTechGirls, a Jury Member of CEE Capital Markets and FinTech Awards and a Contributing Advisor at the Digital Freedom Festival.  Ms. Lune has been recognised by Forbes as one of the top 25 most influential women in Latvia for two years in a row.

“Evita has been with Pedersen & Partners for over 15 years. During her early tenure, she effectively led our Baltics, Poland, and Belarus teams, developing and growing seasoned teams with substantial bottom line impact. Evita is a globally minded leader known for her relentless drive and client commitment, having driven the development of an innovative holistic growth strategy for our Digital Economy component, and built the foundations of our FinTech Practice Group. She has assembled an agile cross-border team of strategically equipped consultants which has already secured a solid portfolio of partnerships with public and private equity-backed FinTech clients positioned at every level. We’re confident that under her leadership, our FinTech Practice Group will build momentum, drive innovation and ultimately business growth,” stated Gary Williams, Chief Executive Officer at Pedersen & Partners.

“The core competence of Pedersen & Partners’ FinTech Practice is our ability to support challenger organisations – scaleups, attackers, game changers – to fulfil their global ambitions. Our FinTech clients are there to shake up the global financial services ecosystem by applying innovative technologies and business models to cut out middlemen, include underserved market segments, and offer financial services in a much faster, more effective and user-friendly way. Our global FinTech team is able to help our clients to navigate in the global financial services ecosystem, identify market gaps, and advise on the right direction of their international expansion plans. I am excited to start 2020 at the helm of the FinTech Practice Group and secure Pedersen & Partners’ position at the forefront of FinTech Executive Search,” added Evita Lune, Partner and Global Head of the FinTech Practice Group at Pedersen & Partners.

If you would like to conduct an interview with a representative of Pedersen & Partners, or have other media-related requests, please contact: Diana Danu, Marketing and Communications Manager at: diana.danu@pedersenandpartners.com

FinTech Practice Group

The core competence of the Pedersen & Partners FinTech Practice is our ability to support challenger organisations – scaleups, attackers, game changers – as they fulfil their global ambitions.

Our FinTech clients are there to shake up the global financial services ecosystem by applying innovative technologies and business models, which can cut out middlemen, include underserved market segments, and offer financial services in a much faster, more effective and user-friendly way. 

Riga, Latvia - Evita Lune, Partner at Pedersen & Partners, interviewed Susanne Hannestad, CEO of Fintech Mundi, for RigaTechGirls.

Evita: Susanne, you have held powerful roles for over 18 years now. You have taken on impressive Board responsibilities for various Tech, Fintech and Financial Services companies. So, how did you get here?

Susanne: When I was with Nordea – remember that banks are obliged to follow strict legislation about appointing Board members – I was able to access positions on associated Boards, such as Visa Norway, MasterCard Forum and eventually MasterCard Europe. I believe the position I held in Nordea and my external visibility both contributed to my ability to get other board positions. At Nordea, we innovated a lot over the years, and acted as intrapreneurs. Of course, all the changes we made attracted media coverage – we were first to bring in chip cards in 2004, we were first with many other things going forward, and we started card acquisition from scratch in Norway – and these exposures helped to raise my public profile.

Evita: What about your personal challenges? In order to achieve such a high position, and just as importantly to stay there, you must have held these executive positions for long periods of time. So, what does it take from you in terms of learning, work-life balance, self-discipline, and any other pressures?

Susanne: I was headhunted as a manager when I was 28, and since then I have always held managerial and executive positions. I believe that I connect well with people, and get good ideas from people. I have always been ambitious on behalf of the unit or the company I’m leading, and the people I work with love being a part of a growing business, and seeing it going forward. When I was younger, I played on a handball team, and when I worked together with my team-mates, I always knew what the goals were. I think that this focus is my most important character trait. I have always been a keen learner, whether formally at schools or more practically within companies, and I have always learned a lot from talking to people.  My focus has been on growth in all aspects, lifting the person, lifting the unit, and on being an agent for change, to make sure that we get the growth. Finally, you should always make sure that you have time for yourself in doing what you do.

Evita: What about the innovation aspect that you mentioned? In the field of technology, quite a lot of knowledge is required – were you ever afraid to play with technologies and participate in this innovative growth, driving innovation, creating something new and having people follow you, especially in an area which is changing so fast?

Susanne: Banks are conservative, so I wouldn’t say it’s easy, but it is possible as long as you understand the powerplay and politics within a bank or a larger corporation before you come up with new things, and as long as you demonstrate that your innovations are good for the bank or corporation going forward. I believe that the greatest challenge is to manoeuvre and understand the corporate politics. Technology units usually have a lot of good people, so it is important to get together and make sure to present the ideas in a way that is interesting and beneficial for the executive management or the Board.

Evita: In terms of being proactive and participatory, many people are quite smart but prefer to stay in the shadows. They are often afraid to speak up and say something which might not be received well, or else they just don’t have this drive to be in the frontline and in leading positions. So, did you undergo some discomfort when taking on leading positions? How did you handle this interpersonal part, and did you ever think, “Why should I be the one”?

Susanne: I always make sure that my people are with me. I also make sure that I use my communication skills with both my employees and my bosses, not always focusing horizontally. When I communicate upwards, my strength comes from knowing that my team is on my side and has my back. It is vital to share achievements and celebrate; every time we had a launch, we would cheer for each other! It is also important to make sure that my community – the people around me – are happy that we are moving forward successfully, and this encourages them to buy into the innovations. Of course, you will always have laggards, but eventually they will see the light if the unit continues to move quickly and reach milestones.

Evita: And now, let’s talk about your newest project, Fintech Mundi. What motivated you to establish it?

Susanne: I was with Nordea for 10 years until I left in 2012, but I became a chair of the Fintech company Zwipe three years before that, although the word “fintech” did not exist in 2009! This worked out so well that they wanted me to be their Executive Chair, so I left Nordea and worked for Zwipe until 2015. While at Zwipe, I realised there are so many Fintech companies out there, that Fintech was becoming a global trend, and that many Fintech companies were going to escalate in volume. I got in contact with a South African in London, a Briton in Tel Aviv and an Irish person in Dublin, and we discussed the ways in which we could help Fintech companies to scale with our experience and networks, building up companies to create a Fintech ecosystem – back then, accelerators and incubators were still in their infancy. That was the start of Fintech Mundi. What also motivated me was the entrepreneurship. Banks are conservative, and at this point they were still stuck in the financial crisis and caught up in the recession. But at the same time, there was all this innovation with the Fintech companies always in front, growing, with younger people, very tech-savvy and so forth. As a kind of facilitator, I thought that was very interesting and it gave me a lot of energy. Of course, I love the international space – the wider, the bigger, the better for me.

Evita: Perhaps you could highlight the hottest Fintech companies from Norway – no, not Fintech Mundi yet, that will be my next question! But in terms of what our readers should know about Norwegian Fintech, which names would you mention?

Susanne: There are several! A few niche bankers such as Aprila, and an older one, Bank Norwegian, which is doing interesting things with consumer lending. I would also like to highlight Huddlestock, which is more investment-focused. They have a dashboard and sell into bank markets, it’s B2B and kind of a white label, ever since they realised it’s easier to do B2B than B2C. Another B2B fintech is Quantfolio, selling mostly to banks. Finally, I would like to mention Neonomics, which provides open banking – they have more than 1,300 banks in 25 European countries, and are growing fast. There is fierce competition in the open banking arena.

Evita: If you could highlight a little bit about Fintech Mundi now, what are the interesting start-ups that everyone should know – in particular, are there any that have especially high potential or a nice objective?

Susanne: Fintech Mundi operate across the Nordic and Baltic states. I would highlight the up-and-coming Finnish company – Cloud Asset – a month ago, they won an award in Finland at the Forum. Two others to watch are both from Sweden – Acuminor, which is a credit risk assessment company, and Doconomy, a company that offers sustainable banking – and I believe that each of them offers something unique, something different.

Evita: Now I will ask just one question related to the gender aspect. Why should girls and women stay close to technology and develop their careers there, either as specialists or as leaders or as entrepreneurs?

Susanne: Entrepreneurships are fun, risky and very rewarding and we need both genders and diversity. I’d say that the Nordics are quite liberated, but women need a little bit more incentive to invest and found companies, so the awareness is there. We need to have a balance of all categories of diversity.

The majority of students in law, medicine and business are women, way above 50%, but in technology it’s a little bit lower, although I think that is changing. You need all aspects; even if some women and girls are afraid of math, science or technology, we need all types of professions to build tech companies. We need leadership, and girls and women are good at leading. They just need the confidence and understanding, and maybe they need a role model to understand. This shouldn’t be a hindrance – it’s a mental barrier, both individually and in society, so Go Do, Go Make!

Collaboration is the new innovation. It is important for so many aspects of business – for Fintech, and also for banks – because as a leader, you can’t stand alone, you need to collaborate. In technology, you see that there is a need for your product, but you also need to make sure that you interact with the customers, and that your functionality is appropriate. In the past, people thought knowledge was power, but now we know that sharing knowledge is even more powerful.

Evita Lune is a Partner who drives the firm’s Global Digital Economy. She has completed over 100 senior level assignments in over 40 countries within this practice, out of her total portfolio of over 600 assignments. Ms. Lune works extensively with FinTech clients from the Nordics and supports their global expansion plans on all continents by providing effective executive search solutions. She also supports clients in the Middle East and South East Asia with bringing Nordic talent to drive digital transformation in other geographies. Her previous experience includes three years with the Stockholm School of Economics in Riga as the Executive MBA Program Director and six years with Shell in international and regional marketing management functions in Riga, Budapest, and Brussels. Ms. Lune was a speaker at the CEE FutureTech congress in Warsaw – one of the most important business summits in Central and Eastern Europe and participated in the Blockchain Pre-Accelerator Program at University of Latvia. She is also a blogger for RigaTechGirls, a Jury Member of CEE Capital Markets and FinTech Awards and a Contributing Advisor at the Digital Freedom Festival.  Ms. Lune was recognised by Forbes as one of the top 25 most influential women in Latvia for two years in a row. Ms. Lune has a PhD in Social Economy. Evita Lune speaks fluent Latvian, English, and Russian and has passive fluency in German, Swedish, and Polish.

Pedersen & Partners is a leading international Executive Search firm. We operate 57 wholly owned offices in 53 countries across Europe, the Middle East, Africa, Asia & the Americas. Our values Trust, Relationship and Professionalism apply to our interaction with clients as well as executives. More information about Pedersen & Partners is available at www.pedersenandpartners.com

If you would like to conduct an interview with a representative of Pedersen & Partners, or have other media-related requests, please contact: Diana Danu, Marketing and Communications Manager at: diana.danu@pedersenandpartners.com

Oslo, Norway – Pedersen & Partners Executive Search and Simonsen Vogt Wiig, a leading commercial law firm, co-hosted the Global Opportunities in FinTech event in Oslo at the end of August. The event was specifically designed for Norwegian FinTechs, and offered insights on FinTech global capital market activities, regulatory aspects to consider, commercialization and scaling required to succeed globally in FinTech. Among the key speakers were:

• Evita Lune, Global Digital Economy Partner at Pedersen & Partners, who provided an overview of the industry and the global opportunities for Norwegian FinTechs, including recruitment challenges in finding and managing disruptive leaders and cross-cultural challenges in the Executive Search process.
   
• Partner Morten Wilhelm Winther and Senior Lawyer Kasper Formo Asplin of Simonsen Vogt Wiig stressed the importance of careful analysis of the legal framework while targeting international expansion and the regulatory limitations to be aware of during the process; and the relevant aspects of intellectual property rights and taxation.
   
• Susanne Hannestad, CEO at FinTech Mundi, presented The Nordic Fintech Manifesto.

Some of the main conclusions that were highlighted during the discussions were centered on the fact that the capital markets activity in FinTech has reached the record high of 120 billion USD during the first 6 months of 2019 and, as a consequence, the Nordic capital markets landscape is experiencing an enormous influx of interest from investors. A recent example was last month's announcements regarding the Nets and Bank Norwegian agreement to provide open banking infrastructure. An outstanding advantage of the Nordic FinTechs is that their cashless society experience and technological advancement provide great opportunities globally and offer a variety of avenues for continuous development. Furthermore, the Nordic leadership style including respect for people, honest and transparent communication, rational, professional, and data-driven approach, is highly regarded on the global FinTech landscape.

Full event video

Pedersen & Partners is a leading international Executive Search firm. We operate 57 wholly owned offices in 53 countries across Europe, the Middle East, Africa, Asia & the Americas. Our values Trust, Relationship and Professionalism apply to our interaction with clients as well as executives. More information about Pedersen & Partners is available at www.pedersenandpartners.com.

If you would like to conduct an interview with a representative of Pedersen & Partners, or have other media-related requests, please contact: Diana Danu, Marketing and Communications Manager at: diana.danu@pedersenandpartners.com

Evita Lune, Partner for Global Digital Economy at Pedersen & Partners, took part in the jury of the 4th CEE Capital Markets & FinTech Awards in Warsaw, Poland.

The goal of the annual CEE Capital Markets & FinTech Awards Gala is to distinguish both publicly-listed and PE/VC-backed companies who are leading the dynamic and fast-paced changes in the CEE region’s capital markets sector. Additionally, such events bring a more targeted investors’ attention to both startup and established companies in CEE and Baltic region and exciting investment opportunities.

This year the event also placed emphasis on the disruptive FinTech sector. According to Thom Barnhardt, CEO of CEE Business Media: “These companies are capital-hungry to feed their global ambitions – and our Capital Matchmaking Day connected VC and Angel Network Investors with a flock of 15 impressive young companies.”

Nominations for the awards were received from Poland, Romania, Ukraine, Hungary, Czech Republic, Lithuania, Latvia, and Estonia, while the international guests came from UK, USA, Switzerland, Germany, Finland, Sweden, Israel, India, Romania, Hungary, Czech Republic, Slovakia, Estonia, Latvia, and Lithuania.

The final short-list consisted of 84 companies competing for top prizes in 6 categories in the FinTech and 13 categories in the Capital Markets sectors. Jury Members included Investment Bankers and Brokers, Pension and Fund managers, representatives from five Stock Exchanges in the CEE region, VC investors and Associations targeting CEE's Capital Markets.

Evita Lune presented the award for the best IPO of the year:

“It was great to be part of the Jury suggesting the nominations and contributing my opinions on the shortlist in the six FinTech categories. It’s impressive that Pedersen & Partners’ expertise in the global FinTech arena is recognised at such high-level event,” stated Evita Lune, Partner for Global Digital Economy at Pedersen & Partners.

Pedersen & Partners is a leading international Executive Search firm. We operate 56 wholly owned offices in 52 countries across Europe, the Middle East, Africa, Asia & the Americas. Our values Trust, Relationship and Professionalism apply to our interaction with clients as well as executives. More information about Pedersen & Partners is available at www.pedersenandpartners.com

If you would like to conduct an interview with a representative of Pedersen & Partners, or have other media-related requests, please contact: Anastasia Alpaticova, Marketing and Communications Manager at: anastasia.alpaticova@pedersenandpartners.com