Latvia – Blog

Latvian Start-Up inGain Secures Funding to Expand No-Code Loan Management System Across Europe

Ana Coteneanu — Thu, 18 Apr 2024 13:00:16 +0000

The Latvian fintech startup inGain has successfully raised €650k to expand its no-code SaaS loan management system. This funding round includes contributions from Trind VC, Fiedler Capital, the Latvian Business Angels network, and several individual investors. inGain’s platform is designed to facilitate lending services for fintech companies and other businesses, aiming to make financing more accessible across various industries.

Lending with No-Code Solutions

inGain’s platform empowers companies to offer tailored lending solutions without the need for extensive coding knowledge, revolutionizing how businesses integrate financing into their product offerings. This capability is crucial for companies that see traditional banking solutions as inadequate for their specific lending needs. Armands Liseks, co-founder and CEO of inGain, illustrates this point with a practical example:

Consider a store chain in Switzerland that sells expensive musical instruments. They want to offer piano leasing because buying one outright is a significant commitment. Traditional banking solutions, like suggesting a credit card or a high-interest consumer loan, do not meet such specific needs effectively.

Approach Fit For Market Needs

The inGain no-code platform is designed to be highly flexible, allowing companies to create and manage lending solutions tailored to their products and customer needs. This approach addresses a significant gap in the market, where existing financial solutions fail to offer the necessary customization or are too complex for practical use.

Reima Linnanvirta, a partner at Trind VC, praised the inGain team’s deep industry knowledge and their innovative approach:

The inGain team has transformed a process that typically requires custom development into a user-friendly no-code SaaS solution. Given the outdated nature of existing market solutions, inGain is well-positioned to disrupt and capture a significant market share.

The funds from this investment round will be directed towards completing the development of inGain’s self-service platform. This platform will allow any interested company to independently create a lending tool that best fits their specific product needs and customer base.

Our goal is to democratize the lending process, making it accessible, customizable, and efficient for businesses of all sizes across various sectors.
Armands Liseks, co-founder and CEO of inGain

Nectaro Gains Rapid Momentum with Over 1,500 Investors in First Quarter

Ana Coteneanu — Sat, 06 Apr 2024 12:09:48 +0000

Nectaro, a new investment platform based in Latvia and licensed by the Bank of Latvia, has quickly made a mark in the European investment scene by attracting over 1,500 investors from 26 countries in just its first quarter of operations.

Since its inception in late November of the previous year, Nectaro has facilitated nearly €800,000 in loans, with an average investment amount exceeding €4,800. The platform primarily serves the Latvian market but has seen significant interest from investors across Germany, Lithuania, Austria, and Portugal.

Expanding Investment Opportunities

Looking ahead, Nectaro is set to broaden its investment portfolio by venturing into new sectors and geographical areas, offering a wider array of options to its investors. Plans are underway to introduce a reinvestment tool to streamline investment processes and improve overall user satisfaction.

Under the leadership of CEO and Board Member Sigita Kotlere, Nectaro is not only focused on expanding its financial offerings but also on bridging the knowledge gap in investments. The platform includes a knowledge hub that provides easy-to-understand content about investment advantages, risks, and other pertinent topics.

This year, Nectaro intends to diversify its educational content to empower investors with the knowledge needed to make informed decisions.

We aim to democratize investing and overcome misconceptions about investments as such for individual investors, whose participation in the market becomes more prominent, so I am thrilled that our first months have shown a promising start to our and investors’ journey. The results underline the demand for simple alternative investment solutions in the European market that can pave the way for individuals to achieve their long-term financial goals. We continue our development strategy and have started this year strong by expanding our portfolio with investments, offering secure opportunities with flexible terms
Sigita Kotlere, CEO and Board Member of Nectaro

The company operates under a rigorous regulatory framework, holding an Investment Brokerage Firm license from the Bank of Latvia. This enables them to offer comprehensive investment services while ensuring investor security through mechanisms like the Buyback Obligation, which guarantees investors the return of their full investment amount should a borrower fail to repay the loan.

Salv Secures Europe’s First Closed KYC Utility License

Ana Coteneanu — Wed, 07 Feb 2024 11:22:57 +0000

Salv, a leader in the Regulatory Technology (RegTech) space, has set a new standard in financial security by becoming the first company in Europe to be granted a ‘Closed Service KYC Utility’ license by Latvia’s State Data Inspectorate.

This license allows financial institutions to collaborate more effectively by sharing crucial intelligence on financial crime activities. When one institution detects or suspects criminal activity, it can now alert others, enabling a more united front against financial crime. This collaboration aims to significantly reduce financial losses and protect the reputation of firms and their stakeholders.

To obtain this license, Salv had to demonstrate exceptional levels of security, data protection, compliance, and corporate due diligence. This included achieving ISO/IEC 27001 certification, underscoring Salv’s commitment to maintaining the highest standards in its operations.

The financial sector has increasingly recognized the value of collaboration in combating financial crime. Laima Letiņa, Advisor to the Finance Latvia Association, remarked on the initiative, stating:

Collaboration between financial institutions is beneficial for all, but it requires confidence in the security of the process and compliance with a range of regulatory requirements before it can be put into practice.

Bruno Puriņš, Salv’s Market lead in Latvia, expressed pride in the achievement, noting:

In securing this licence and exceeding the challenging security and regulatory requirements set by the Latvian Data State Inspectorate, Salv has proven that our solutions are fit for purpose and our organisation is trustworthy and robust.