Latvian fintech inGain raises €650k from Trind VC and Fiedler Capital

Riga-based startup inGain has informed AIN about raising €650,000 in a funding round from venture capital funds Trind VC and Fiedler Capital, as well as from the Latvian Business Angels network and several business angels.

• Co-founded by Armands Liseks and Kristaps Veinbergs, 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. inGain claims 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 installment 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.

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? 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,

Armands Liseks, inGain co-founder and CEO, explains.

• The fresh round was co-led by the Estonian seed-stage venture fund Trind VC and Fiedler Capital, a Hungarian VC fund investing in a pre-venture, leading or co-leading pre-seed and early seed stages.
• The Latvian Business Angels network and several undisclosed business angels also participated in the funding.

inGain plans to use the freshly raised money to finish work on its no-code self-service platform.