Okredo is developing a multi-modular scoring system aimed at improving SME credit scoring. The company says the new system will transform how businesses assess and manage credit risk. Okredo has secured €1.2M in funding to accelerate development of that platform. The financing is reported as coming from European funds. Okredo aims to score up to 30 million EU companies as part of its roll-out across Europe and beyond. The article identifies Okredo as a Lighthouse Ventures portfolio company. Okredo provides a business-matching SaaS platform that evaluates new and existing customers’ financial strength and sales potential, offering both freemium and premium services. The product supplies data and insights that help SMEs assess the credibility, stability, and sales potential of prospective and ongoing business partners. The company was founded in 2015 and launched across the three Baltic nations; it currently operates in Lithuania with planned expansion to Latvia, Poland, the United Kingdom and other European countries. Okredo reports over 17,000 users and more than 3,000 corporate clients. In August 2022 the company raised €650,000 to support geographic expansion and product development. The funds will specifically be used to expand into the UK and other markets and to develop an Open Banking solution for its users. Okredo is a Vilnius-based open data platform that uses AI to help SMEs assess the credibility, financial strength, and sales potential of business partners and customers. The product gathers, formats, and presents raw open data made available under the EU's open data directive so information is human-readable and actionable for small businesses. It highlights counterparties most likely to miss invoice payments and can automatically advise on actions such as negotiating, going to court, or publishing the debt on the platform. Okredo closed a €1 million seed funding round and plans to expand into Latvia, Poland, and the UK. Investors in the round include Lithuanian Business Angels Fund, Presto Ventures, Startup Wise Guys, and several undisclosed angel investors. Presto Ventures estimates a minimum €175 million market opportunity for the business given the recent enforcement of open data rules and significant late-payment exposure among SMEs.

Total raised

$3M

Funding rounds

3

Latest round

Equity

Latest activity

Aug 2024