Enterpay finishes runner-up at the Mastercard Lighthouse Program 2019

Finnish fintech company Enterpay came up just a bit short at the Mastercard Lighthouse Program finale at Slush 2019, but the competition is still a “win” for the company on many levels.
  • November 22, 2019

And then there were three…

Enterpay’s solution, which enables merchants in the B2B e-commerce space to enhance the customer experience and decrease costs and risks by delivering a smooth B2B payment service in collaboration with banks, was one of three finalists at the Lighthouse Program. But even though the end result might generate initial disappointment, the road to the finale is an accomplishment in itself. 16 startups from Scandinavia and the Baltics were handpicked to participate in the first round, which was gradually cut down to the three finalists:

“Obviously, we wanted to win the finale, but we knew that we were up against competent competition. We would like to congratulate Doconomy on the win, and Nordigen on their participation in the finale. I believe that both companies have great solutions and bright futures. Throughout the program, Mastercard has enabled us to meet and become inspired by many amazing people and their innovate fintech products,” says Jarkko Anttiroiko, Co-founder and CEO, Enterpay.

Enterpay CEO, Jarkko Anttiroiko (fifth from the right) with representatives from Doconomy and Nordigen at the Mastercard Lighthouse Program finale

It goes deeper than gold, silver, and bronze

Participating in a finale is always great, but the Mastercard Lighthouse Program was particularly valuable for several reasons:

“In a sense, we had already won before the finale because the Lighthouse Program has given us the opportunity to meet potential partners, network with industry players, and become inspired by other exciting fintech products. Further, the acknowledgment that Mastercard and the Lighthouse Program bring is a valuable asset for any startup. Making it all the way to the finals has enabled us to pitch our solution to experts in banks and have received positive feedback,” states Anttiroiko.

Searching for a special kind of ‘hype’

Approximately 25,000 participants are in Helsinki these days for Slush 2019, which represents a great opportunity for exposure. But relative to gaming technologies, AI, and IoT, Enterpay’s decision engine that improves invoice payment processes is unlikely to draw the largest crowds, why Enterpay is searching for a specific type of interaction. Throughout the Lighthouse Program, ideas have appeared and evolved, and Enterpay, in cooperation with Mastercard, hopes to share the exciting news in the near future. Furthermore, the exposure to experienced professionals from the large Nordic banks, has opened up eyes, and potentially new doors, for Enterpay:

“I find Enterpay very interesting. Their solution is relevant, and their value proposition is clearly directed towards a segment that deserves more attention. At Danske Bank, we will consider engaging in more conversations with Enterpay in the near future,” states Jeppe Thastum, Chief Business Analyst, Digital Banking IT & Analytics, at Danske Bank.

Enterpay’s white labelled solution offers a decision engine for banks to deliver improved invoice payments to their B2B customers through comprehensive data assessment, customer authentication, and automated credit scoring, why it is valuable for Enterpay to pitch their innovation and collaborative approach directly to banks:

“Enhancing the customer experience through innovation is high on the agenda at OP. This commitment includes searching for new, interesting fintech solutions that can create value for different customer segments. Enterpay’s invoicing payment service has the potential to solve essential problems for B2B merchants while increasing the banks’ role as a facilitator in the digital marketplace,” states Janne Antila, Senior Concept Manager, Transaction Banking, OP Corporate Bank.

Enterpay hopes that the Mastercard Lighthouse Program will lead to more conversations with potential partners, but no matter what, the program has been a great learning experience and the team is highly motivated to continue the path of growth that Enterpay is currently on.