Latvian fintech startup inGain announced on Thursday it secured EUR 650,000 in funding from a consortium of investors including venture capital firms Trind VC and Fiedler Capital, as well as support from the Latvian Business Angels network and various individual business angels.

This funding round represents the first public investment in Latvian startups for the year, spotlighting inGain’s groundbreaking offering: a no-code Software-as-a-Service (SaaS) loan management system tailored for fintech firms and businesses eager to facilitate lending for their clientele.

inGain will use the fresh capital infusion to advance the development of its no-code self-service platform, which empowers companies to craft lending tools tailored precisely to their products and unique requirements.

With a robust foundation built upon over a decade of experience in online lending, the founders of inGain were early innovators, crafting bespoke loan management systems for online lenders as far back as 2011. Their journey has culminated in the creation of a highly scalable no-code SaaS solution poised to cater to diverse lending needs across industries.

inGain’s core mission is to democratize lending by offering a no-code SaaS solution, making products more accessible to customers across various sectors. They address a significant challenge in lending, where traditional banks often lack tailored lending solutions for specific products.

Founded by CEO Armands Liseks, Kristaps Veinbergs, and Juris Čirkovs, inGain targets both traditional and fintech lenders, SMEs, crowdfunding platforms, and businesses outside the finance realm seeking to launch and expand their lending and financial products. Their no-code SaaS loan management system supports secured and unsecured installment and credit line loans, subscription services, rent-to-own options, and more, catering to consumers and businesses online or offline, with flexible payment methods.

CEO Liseks highlighted the practical implications of inGain’s solutions with a real-world example involving a Swiss musical instrument store chain contemplating offering leasing options for pricey items like pianos. Such flexibility, he noted, presents customers with viable alternatives beyond traditional bank offerings.

“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,” inGain CEO Liseks said in a statement.

Liseks also added, “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.”

Reima Linnanvirta, a partner at lead investor Trind VC, expressed confidence in inGain’s potential to disrupt the market, citing the team’s deep industry knowledge and innovative approach. The transformation of custom development into a user-friendly no-code SaaS solution positions inGain as a frontrunner in modernizing lending practices and capturing a substantial market share.

“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,” Linnanvirta said.