Latvian fintech startup inGain raises €650K for its no-code loan management system

Riga-based inGain, a Latvian fintech startup offering a no-code SaaS loan management system, announced that it has secured €650K in a fresh round of funding.

The investment came from venture capital funds including Trind VC and Fiedler Capital, as well as from the Latvian Business Angels network and several business angels.

Capital utilisation

inGain aims to use the funding to finalise the development of a no-code self-service platform. This platform will empower any company interested in creating a customised lending tool tailored to their products and specific needs.

Reima Linnanvirta, a partner in the lead investor Trind VC, says, “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 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.”

inGain’s lending solution

Founded in 2011, Armands Liseks, Kristaps Veinbergs and Juris Čirkovs, inGain is a B2B fintech company offering lending solutions for traditional and fintech lenders, SME lenders, crowdfunding platforms, and non-finance businesses looking to launch or expand lending services.

inGain offers a no-code SaaS loan management system for businesses, simplifying operations without requiring heavy IT management. It supports secured and unsecured installment loans, credit line loans, subscription services, rent-to-own programmes, and other fintech products. 

These services are accessible to consumers and businesses in diverse industries, whether they operate online or offline, and payments can be made using cash or electronic transfers.

Co-founder Liseks, explains, “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 per cent interest, which makes no sense whatsoever.”

inGain’s philosophy emphasises two key principles: prioritising businesses’ core activities over IT management and offering tailored SaaS solutions that challenge traditional one-size-fits-all approaches.