Trind Invests In inGain, a Latvian no-code SaaS loan management system provider
Latvian startup inGain has announced that it has raised EUR 650,000 in funding led by Trind Ventures accompanied by Fiedler Capital and the Latvian Business Angels Network and several business angels. This is the first publicly announced investment in Latvian startups this year. inGain offers a no-code SaaS loan management system to fintech companies, as well as other businesses that want to offer lending to their customers.
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 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.
inGain aims to offer a no-code SaaS solution to enable companies in different industries to make their products more accessible to customers through lending. According to inGain, this is the way how to solve one of the biggest challenges in lending where traditional banks cannot offer lending solutions for specific products.
inGain co-founder and CEO, Armands Liseks:
"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 piano leasing? 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."
Reima Linnanvirta, Partner at Trind Ventures:
"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."
Startup inGain plans to use the money to finish work on a no-code self-service platform on which every interested company could create a lending tool that best suits its products and specific needs.
- Read more about the news here: https://trind.vc/trind-invests-in-ingain-a-latvian-no-code-saas-loan-management-system-provider/