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Venture Faculty assists inGain in raising EUR 650 000 pre-seed round

Latvian fintech startup inGain has raised EUR 650 000 in funding from venture capital funds Trind VC, Fiedler Capital, ASP Asset Management AIFP, 3ED Ventures, as well as from the Business Angels, Sergei Anikin, Roberts Bernans, Santa Lemsa and Gediminas Velicka. Venture Faculty team is proud to announce that it has been the legal advisor throughout the process of inGain fundraising that has become the first publicly announced investment in Latvian startups this year.

inGain offers a no-code Saas loan management system to help fintech companies in various industries increase customer accessibility to their products through lending. According to inGain this is how one of the largest lending problems can be resolved when traditional banks are unable to provide lending solutions for particular products.

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

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

“We have invested in a great product with a sound team behind it,” says a partner in the lead investor Trind VC, Reima Linnanvirta. “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.”

This funding round demonstrates inGain's ability to lead revolutionary changes in the fintech industry while also highlighting the growing potential of the Latvian startup ecosystem. Venture Faculty is excited to work with forward-thinking companies like inGain that are actively changing the way the industry operates and spurring economic growth.