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Female-led Okredo secures €650K to expand its open data platform for SMEs

Okredo Founder
Image credits: Okredo

Vilnius-based startup Okredo, a trusted SaaS platform, has secured €650K in follow-up funding. The round was led by the Lithuanian Business Angels Fund, Presto Ventures, and Lighthouse Ventures (which backed 4Trans). This is a continuation of the €1 million funding raised in 2021.

Develops open banking solution

Okredo will use the proceeds of this funding round to take advantage of the EU directive and expand into the UK and other markets. The Lithuanian startup already launched its services successfully across the Baltics, and now, plans to expand across the UK and Europe. Last year, the platform was introduced in all three Baltic nations and currently has more than 17,000 users and over 3,000 corporate clients. In addition to its expansion plans, Okredo is developing an open banking solution for their users.

Gerda Jurkonienė, co-founder and CEO of Okredo said: ”The decision of some venture capital funds to continue investments is a sign of the company’s efficiency and ability to deliver results. The general proliferation of the data market — with its ability to increase the overall speed of business — has also helped attract further investments. The data industry, which has even been dubbed by some as the ‘new oil’, is an attractive field for investors.”

Roman Nováček, partner at Presto Ventures said: “Our investment has exceeded our expectations and we still see potential in further developing their product and adding new features to broaden the market potential. We want to play a more active role in Okredo’s expansion to other countries. We have no doubt that a single European platform for corporate data can make doing business across Europe more secure, especially for small businesses that were traditionally priced out of the market. They will definitely appreciate it in these uncertain economic conditions”

Access to actionable data made easy

Founded in 2015 by Gerda Jurkoniene, Okredo enables SMEs assess the credibility, stability, and sales potential of prospective and ongoing business partners and clients. The Okredo platform provides users with information regarding companies’ credit score, valuation, as well as other financial indicators, some of them free.

It tackles the issue of accessing actionable data. This is an issue that SMEs are increasingly experiencing as most countries’ data is fragmented across several sources, requires numerous integrations, takes a long time to acquire, and is challenging to comprehend. This data could be utilised for both sales and credit risk management. Consequently, there is a need in the market for a product that allows data to be easily understood and aid businesses in resolving these issues — and Okredo plans to offer such practical solutions.

With Okredo, businesses will be able to make financial decisions quicker by engaging business partners, investors, or lending institutions with access to up-to-date data.

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