Lithuanian Credit bureau opens up data to innovative companies

Credit bureau Creditinfo is opening up its data to startups and other innovative companies. Company data as well as population statistical data that are held by the credit bureau can be used for developing value-added products: apps, customer behavior predictive models and other solutions that require information.

“This initiative is dedicated to a fairly wide audience. The greatest attention will be paid to new companies that are looking for a place where to realize themselves, have ideas and commercial vision, but lack data. Our data provided for these companies can be a great jumping-off point. On the other hand, we do not limit ourselves only to startups. Innovative companies that already exist in the market can also be interested in open data. For example, so far the company has developed customer behavior predictive models for the retail market. However, they lack data to develop models or apps for insurers or telecommunications. Our initiative can encourage these companies to expand their range of activities and use available know-how by including more sectors,” Andrius Bogdanovičius, CEO of credit bureau “Creditinfo” says.

Bogdanovičius notes that the credit bureau, with its experience, can also contribute to find out the needs of a product or service and assist with sales process. “Financial, telecommunication, insurance, fuel-trading, and other companies have trusted our solutions throughout our 13 years of activity. Therefore, if a company has a relevant and concrete proposal for these markets, we will intermediate by joining together product developers and potential buyers”, Bogdanovičius says.

“Recently in Lithuania traditional business is willing to work with startups and innovative-minded developers. Opening up the available data, startups, spaces, programs, and funds developed by giants of finance, energy, industry and other areas, permission to use the production facilities and counseling – everything creates preconditions for new products that create a new value for both traditional business and society. We are happy to see new forms of partnership with novice innovators and we encourage businesses to keep in mind the constant support in development of ideas. Data, premises and infrastructure are great, but this is only the first step on the long road to a commercially successful product,” Rimantė Ribačiauskaitė, Senior Project Manager of PI Enterprise Lithuania, coordinator of the platform Startup Lithuania, says.

Creditinfo will provide anonymized data to develop models, apps and other product prototypes. In later stages of product development, we will be able to provide “raw” data (population – only statistics). The data will be provided on a contract basis.

In exchange for provided data, Creditinfo will not require share of startups and other companies. If developers manage to sell a Creditinfo data-based product or service, the “success” fees for developers will be agreed upon in advance.