Inveready has agreed to provide Mirai RiskTech, a Madrid-founded risk-tech company serving banks, with venture debt of up to €5 million through its Venture Debt platform.
The facility will be disbursed in tranches as Mirai meets business milestones and has a four-year term. It also includes a minority equity kicker component. Mirai will use the proceeds to strengthen commercial and go-to-market activity for its SaaS platform over the next five years across Europe, the UK and the Americas, including Boston, New York, Miami, Mexico, Argentina and Chile, as well as business development in the Middle East and a stronger presence in Spain.
Founded in Madrid in 2013, Mirai specialises in Asset and Liability Management, financial risk and regulatory compliance for banks. The company has evolved from a specialist ALM consultancy into a SaaS platform, with offices or presence in Madrid, London, Mexico City, Boston, New York and Miami.
Mirai's platform integrates IRRBB, liquidity, FTP and regulatory reporting on a single data model for bank treasury, risk and finance teams. Inveready's materials name Banco Santander, Western Alliance Bank and Aresbank as clients, while Mirai says it works with more than 30 banks across more than 10 countries. The company is led by CEO and co-founder Olmo Vázquez, with Luis Estrada as co-founder and COO.
Ignacio Puig, general partner at Inveready, said: "Mirai combines deep expertise in risk and ALM with an artificial intelligence platform that addresses a genuine need in banking amid an increasingly complex regulatory environment. Through our Venture Debt platform, we support a non-dilutive financing model that enables founders to retain control of the company while accelerating international growth."
Inveready is a Spanish alternative investment manager founded in 2008, with offices in San Sebastián, Madrid and Barcelona. The firm says it manages more than €2.7 billion, with about 70 professionals and more than 2,000 investors, and invests across strategies including venture debt.