Okredo, a Lithuanian open data platform offers credit scores and financial insights to help companies fuel growth and mitigate risk. In a recent development, the startup just announced that it has picked up €1 million (nearly $1.13 million) in a seed funding round.
The financing round was led by the Presto Ventures and Lithuanian Business Angels Fund along with support from Startup Wise Guys and a plethora of angel investors. The proceeds of this round will be used by Okredo to expand into new markets in Europe.
Startup with a fresh perspective
It is quite unusual to come across entrepreneurs that are experienced and come up with a fresh perspective to resolve market problems. Okredo founded by Gerda Jurkoniene is one such rare startup that is all set to become one of the leading open data platforms in Europe.
SMEs deal with delayed payments from customers and businesses and are challenged by economic risks due to the lack of financial literacy and affordable tools to mitigate the risk. As per studies, delayed payments to SMEs in the UK account for £61 billion. Especially, smaller companies that are exposed to these risks do not have the budget to deal with it.
Okredo combines innovative solutions with the latest data from proven and official sources to provide businesses the ability to know their existing and potential business partners, estimate growth opportunities, and make sure their business is healthy.
The female-led startup is currently operating in Lithuania and is in plans to expand to Latvia, UK, and Poland among other European countries.
What does Okredo do?
Okredo uses AI-driven analysis to enhance raw, open data and presents this data as modules and reports via its web GUI, which is user-friendly and customisable. These reports and modules provide credit scores and insights that are updated dynamically to give alerts. In the case of non-payment,
While there is no system to predict credit risk right now, Okredo helps businesses find out of they are negotiating, publishing the debt on the platform or going to court. Basically, it helps businesses analyse the ideal course of action. There is a unique eco-score that lets businesses assess the possible environmental impact of its vehicle fleet.
Using open data, Okredo provides an immense economic opportunity for businesses and wants to give even small businesses an effective option to evaluate risks and figure out new sales opportunities that will help them grow further.
Partnership with Fintegry
Okredo partnered with Vilnius-based Fintegry to implement a project co-financed by an EU investment. It will help create a unique corporate credit risk assessment system, which will be created with visitor data and checks on various online portals. This system can be accessed easily by the visitors of the search system and will help in reducing the price, stimulating market competition, and increasing the quality of credit risk management.
With this solution, young companies will be able to assess risk quickly. Also, it will provide recommendations instead of a large amount of tough-to-interpret data. These predictions are ensured to be accurate with innovative artificial intelligence and machine learning technologies. This project is likely to last for three years. While it was launched in February 2020, it is likely estimated to be completed in July 2023.
How much does it cost?
Okredo provides services such as credit reports, business interfaces, monitoring and financial statements. With the premium membership, companies can save up to 40 percent. There are three different plans from the company as follows.
The Premium 1 plan is priced at €299 and offers 40 credits while the most popular Premium 2 plan is priced at €499 and offers 100 credits. There is a Premium+ individual offer that gets an extremely high number of queries.