Madrid risk-tech Mirai secures up to €5M in venture debt from Inveready

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Mirai RiskTech, a Madrid company founded in 2013 that sells balance-sheet management software to banks, has closed a debt financing of up to €5 million with Inveready's venture debt strategy. The money arrives in tranches as Mirai hits certain business milestones, over a four-year term, and Inveready also gets a small equity kicker. This is how lenders to start-ups say yes while keeping a little of the upside, just in case.

Mirai began as a consultancy in asset and liability management and became a SaaS platform that puts interest-rate risk, liquidity, funds transfer pricing and regulatory reporting on a single data model, with AI tools for behavioural modelling and natural-language analysis. Clients include Banco Santander and Aresbank, and it serves more than 30 institutions in over 10 countries, from offices in Madrid, London, Mexico, Boston, New York and Miami. Banks, it notes, tend to revisit these purchases about every five years, which makes for a patient sales cycle.

The funds will go into sales and go-to-market over the next five years in Europe, the UK and the Americas, including Argentina and Chile, plus business development in the Middle East. Inveready general partner Ignacio Puig pitched the deal as non-dilutive, letting founders "keep control of the company" while they grow abroad, a pleasant feature of borrowing money.