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Lithuanian fintech Softloans snaps €1M to help SMEs access finance

Softloans funding
Picture credits: Softloans

With global e-commerce giants dominating the market, smaller players often find themselves sidelined due to limited access to capital. Softloans, a fintech from Vilnius bridges this gap by seamlessly integrating lending services into the digital platforms such as marketplaces, payment solutions providers, and aggregators to offer loans to their customers.

Specialising in embedded lending technology for business growth, the startup has snapped €1 million in pre-seed funding. The round was led by Firstpick, alongside contributions from business angels. The company intends to use the funds to expand operations and development efforts. It plans to expand in Lithuania and beyond. 

Co-founder and CEO of Softloans Audrius Griškevičius said: “The pre-seed funding provides even more confidence and an opportunity to further develop the technological solution so that it is easily and smoothly applied not only to e-commerce businesses but also to businesses using POS terminals.”

Lending for business growth

Founded by Audrius Griškevičius, Edmundas Kevisas, and Aleksandras Kunickas in Lithuania, Softloans addresses the critical challenge of working capital constraints faced by small and medium-sized enterprises (SMEs). It offers embedded revenue-based lending technology for SMEs in the e-commerce sector.

Softloans provides an embedded revenue-based lending solution for SMEs. It integrates lending services into digital platforms such as marketplaces, payment solutions providers, and aggregators to offer loans to their customers. 

The embedded revenue-based lending solution, which includes data collection, analytics, risk assessment, and loan management, is now already used by 10 partners. Using its analytics solution, It has already processed the data of almost 1,000 corporate clients in Lithuania, Latvia, Estonia, the Netherlands, Finland, and Poland.

Griškevičius added, “The embedded financing tool we have developed works in such a way that the loan can be easily obtained by small and medium-sized businesses on other digital platforms that they use for their activities. The Softloans solution assesses the risks and creditworthiness of any e-shop extremely quickly and accurately. After the loan is issued, the solution constantly monitors the income flows and automatically deducts the agreed percentage for the repayment of the loan.”

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