Lithuania-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 is a Lithuanian startup, and with this funding round intends to expand into the UK and other European markets according to the EU directive. The platform is already available in all three Baltic nations, and has more than 17,000 users and over 3,000 corporate clients. This year, Okredo is developing an open banking solution for their customers.
Okredo co-founder and CEO Gerda Jurkonienė says that the decision of some venture capital funds to continue investing in her company is a good sign, showing that the company is efficient and able to deliver results. The data industry (also called the new oil) is a sector that many investors are attracted to, due to its ability to speed up business operations.
Nováček from Presto Ventures is thrilled with their investment in Okredo. He believes that their product can be improved upon and expanded to include more features to appeal to a wider audience. He plans to help Okredo expand into other countries, as he is confident that a single, European platform for business data would help businesses operate more securely in Europe, especially smaller companies that have been priced out of the market previously.
Access to actionable data made easy
Okredo is a platform that gives small business information about their potential business partners and clients, including their credit score, stability, and potential for sales. Gerda Jurkoniene founded Okredo in 2015, and the platform offers some indicators for free.
Small and medium sized businesses are having a hard time getting their hands on actionable data. The data they need is spread across multiple sources, has to be integrated many times, takes a long time to get, and is hard to understand. Okredo aims to produce products that will make the data more understandable, and help businesses deal with these issues.
Okredo allows businesses to get information about their finances quickly, by sharing information with their partners or creditors. The app provides up-to-date data.