Silcube is a newcomer to the LHoFT. CEO Jarno Piironen tells us more about the company.
Can you pitch your startup in a few words?
Absolutely, Silcube redefines how financial software is purchased. We are the only private debt software provider that provides a comprehensive financial system that can be tested online. With this innovative approach, we empower private debt and trade finance managers to streamline their operations, boost efficiency, control risks, and transition away from Excel-based processes.
Why did you decide to create this company?
We founded Silcube to drive digitalization of fund management. With many processes relying on Excel, the opportunity was clear. We got a kick start in terms of technology and expertise, as we are a spin-off from a Luxembourg-based fund management company.
During our journey, we realized two things. Firstly, private debt is growing but underserved. Secondly, buying financial software is a long, tedious exercise, which has a big price tag in the end. We decided to focus on private debt and trade finance sectors to address the gap in the market, and innovated how to make buying our solution very simple.
What are your product(s)/service(s) and your business model?
Silcube offers a cloud-based private debt and trade finance platform with a subscription-based model. Our product handles loan origination, payment plan calculations and changes, workflow, document management, covenant monitoring, reporting of risk and profitability, and more. Our goal is to delight the user every day with our modern UI, and make it super simple to connect Silcube with other systems through well–documented and up-to-date APIs.
How is your offering different from your competitors and other market players?
Firstly, we are so confident in our product that we provide it online for anyone to try, eliminating barriers to entry and providing full transparency. Secondly, we have packaged the key features that private debt managers require into one solution. This simplifies their journey towards digitalization.
Why did you decide to join the LHoFT?
We made the strategic decision to focus on private debt and trade finance clients about 1.5 years ago. Luxembourg emerged as the logical choice due to our existing client base and the vibrant ecosystem. We were confident that Luxembourg would provide us with the contacts and partners we needed to thrive in the market. As a result, we approached LHoFT. Our collaboration over the past 18 months has been highly successful, and on a personal note, it feels like home.
What’s next?
We are very excited to hear how the market receives the new way of buying financial software, and of course our baby, the product itself. We will continuously enhance the features, refine the user experience and expand our reach within the private debt and trade finance sector. With AI and generative language models, we believe the digitalization of the industry will speed up dramatically over the next 24 months. We are excited to be a part of that transformation.
