Latvian fintech startup inGain has announced that it has raised €650,000 in funding from Trind VC and Fiedler Capital, the Latvian Business Angels network, and several business angels.
inGain is a B2B fintech company that provides a lending solution for traditional and fintech lenders, SME lenders, crowdfunding platforms, and businesses in non-finance industries looking to launch and scale their lending and financial products.
It enables businesses to focus on their core operations without the hassle of IT management. Its no-code SaaS loan management system serves both secured and unsecured instalment and credit line loans, as well as subscription, rent-to-own, and other fintech products. These services are available to consumers and businesses across various industries, online or offline, and payments can be made in cash or via transfer.
According to inGain's co-founder and CEO, Armands Liseks, a store chain in Switzerland that sells various expensive musical instruments, the most popular product is the piano, offering the example of a client.
“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?
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 them that he wants 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 per cent interest, which makes no sense whatsoever.”
inGain plans to use the money to finish work on a no-code self-service platform where every interested company could create a lending tool that best suits their products and specific needs.
“We have invested in a great product with a sound team behind it,” says a partner in the lead investor Trind VC, Reima Linnanvirta.
"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.”
Lead image: inGain. Photo: uncredited.
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