Funding

[Funding alert] Riga-based inGain Secures €650k in Funding

Apr 18, 2024 | By Startup Rise EU

Fintech startup inGain secures €650k in funding from venture capital funds Trind VC and Fiedler Capital, as well as from the Latvian Business Angels network and several business angels.

Fintech startup inGain secures €650k in funding from venture capital funds Trind VC and Fiedler Capital, as well as from the Latvian Business Angels network and several business angels.

This is the year's first investment in Latvian businesses that has been made public. InGain provides fintech enterprises and other organisations wishing to extend credit to their clientele with a no-code SaaS loan management system.

The Riga fintech seeks to provide a no-code software as a service (SaaS) solution that enables businesses across many sectors to increase client accessibility to their products through loans. This is how, according to inGain, one of the largest lending problems may be resolved when traditional banks are unable to provide loan solutions for particular items.

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inGain co-founder and CEO, Armands Liseks said, “Let’s take one of our clients as an example. It is a store chain in Switzerland that sells various expensive musical instruments. The most popular product is the piano. Some parents are ready to buy a piano, but what happens if they spend several months trying to persuade their kids to play the piano, but their kids still refuse to play it?”.

Liseks said, “It is with this kind of situation in mind that the seller would like to offer piano leasing. For parents, this means that the payment for the musical instrument will be higher. However, this also gives them two options – either the piano is eventually purchased in full or can be returned to the seller at any time. What happens if a potential buyer visits a bank and informs that he would like to buy a piano? How can the bank offer leasing for the piano? Most likely it will advise the customer to use a credit card or take out a consumer loan with 20% interest, which makes no sense whatsoever,”.

With the funds, inGain intends to complete development of a no-code self-service platform that will enable any interested business to design a lending instrument that best fits its unique requirements and line of products.

Read also - Barcelona-based Factorial Secures $80Million in Funding

Reima Linnanvirta, a partner in the lead investor Trind VC said, “We have invested in a great product with a sound team behind it, The inGain team has an extensive background in the industry, and they understand the customer pain points exceptionally well. When reviewing the product, we were impressed by how extensive the product was and how the team has been able to transform something that is generally done as custom development into a no-code SaaS solution. As the existing solutions on the market are very old-fashioned, we believe that InGain is well-positioned to disrupt and secure a significant share of that market.”

About inGain

Two guiding concepts form the foundation of inGain's product philosophy. First and foremost, businesses should concentrate on their core competencies rather than IT administration. As a result, the product goal has been to include no-code capabilities that enable business users to customise the way the system works.

Second, the solution must be readily available off the shelf while still being adaptable. Even if most fintech requirements are the same, there ought to be a chance to build bespoke IT on top of inGain's solution to implement edge cases.

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