“inGain Raises €650,000 to Enhance No-Code SaaS Loan Management Solution”

Latvian fintech startup inGain has secured €650,000 in funding from investors including Trind VC, Fiedler Capital, the Latvian Business Angels network, and several individual business angels.

inGain specializes in providing a lending solution tailored for traditional and fintech lenders, SME lenders, crowdfunding platforms, and businesses outside the finance sector seeking to introduce and expand their lending and financial products.

Their no-code SaaS loan management system allows businesses to streamline operations without the need for extensive IT management. It caters to various loan types, including secured and unsecured installment and credit line loans, subscription services, rent-to-own options, and other fintech products. These services are accessible to consumers and businesses across different industries, both online and offline, with payment options available in cash or via transfer.

Armands Liseks, co-founder and CEO of inGain, shared an example of how their solution benefits businesses, citing a store chain in Switzerland that specializes in selling high-value musical instruments, particularly pianos. Liseks highlighted the flexibility of their platform, illustrating how businesses can offer leasing options to customers, providing them with greater choice and flexibility in payment methods.

With the newly acquired funds, inGain plans to finalize the development of a no-code self-service platform. This platform will empower any interested company to create a customized lending tool tailored to their products and specific requirements.

Reima Linnanvirta, a partner at lead investor Trind VC, expressed confidence in inGain’s product and team, emphasizing the comprehensive nature of their solution and the transformative potential of their no-code approach. Linnanvirta believes that inGain is well-positioned to disrupt the market and secure a significant share due to the outdated nature of existing solutions in the industry.

Source: tech.eu

CRED, the Indian fintech giant, has received provisional approval for a payment aggregator license, marking a significant milestone for the Bengaluru-based startup. This development, valued at $6.4 billion, is poised to enhance CRED’s ability to serve its customers, introduce innovative products, and expedite experimentation with new ideas.

According to sources familiar with the matter, the Reserve Bank of India (RBI) granted CRED provisional approval for the payment aggregator license earlier this week. Despite attempts to reach out, CRED has not yet responded to requests for comment.

Over the past year, the RBI has granted provisional approval for payment aggregator licenses to several companies, including Reliance Payment and Pine Labs. Typically, the central bank takes between nine months to a year to issue full approval following the provisional nod.

Payment aggregators play a crucial role in facilitating online transactions by bridging the gap between merchants and customers. The RBI’s approval empowers fintech firms like CRED to broaden their service offerings and enhance their competitiveness in the market.

Without a license, fintech startups often rely on third-party payment processors to handle transactions, which may not align with their priorities. Acquiring a license allows these companies to process payments directly, reducing costs, gaining more control over payment flow, and enabling direct onboarding of merchants. Moreover, licensed payment aggregators can settle funds directly with merchants.

This approval opens doors for CRED to expand its presence to more merchants and reach customers across various platforms, as noted by an industry executive.

This development comes amidst the RBI’s increased scrutiny of fintech practices and a cautious approach towards licensing. Notably, earlier this year, the RBI directed Paytm Payments Bank to suspend most of its operations.

Backed by prominent investors such as Tiger Global, Coatue, Peak XV, Sofina, Ribbit Capital, and Dragoneer, CRED serves a significant portion of India’s affluent clientele. Originally launched six years ago to assist members in timely credit card bill payments, CRED has since diversified its offerings to include loans and various other financial products. In February, it announced an agreement to acquire Kuvera, a mutual fund and stock investment platform, further expanding its portfolio.

Source: techcrunch.com