One of the motto’s of the start-up scene is that you have to learn how to fail in order to become a successful founder. Garry Kruglyakov, one of the founders of the failed fintech company ‘Cookies’ is back, and this time he has raised 5.5 million euros from the Berliner Volksbank. The company pre-finances goods for traders.
Vai is a financing platform for medium-sized companies. Traders can, for example, bridge financial bottlenecks between goods purchases and sales or pre-finance goods at the supplier. According to Krugljakow, an artificial intelligence quickly tests whether a purchase financing can be granted. Arrangements of up to € 20,000 is possible for a term of 40 to 180 days per fintrade. The interest rate is calculated on the basis of the creditworthiness of the company based on the assessment by the artificial intelligence.
These mini-deals will be financed with, among other things, the fresh cash from the seed funding. Vai does not yet have a banking license and the Berliner Volksbank has also committed to providing future funding for this.
“We are also open to further partners.”
The platform is currently still in the beta phase but will officially begin in the near future. The company currently has 15 employees. The are other start-ups in this field, including Tradico from Liechtenstein, which was founded in 2014.