London-based fintech startup Kennek has raised $12.5 million in seed funding to develop its lending working system.
Based on an Oct. 10 tech.eu report, the spherical was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek presents software-as-a-service instruments to assist non-bank lenders streamline their operations utilizing open banking, open finance, and funds.
The platform goals to automate time-consuming guide duties and consolidate fragmented information to simplify lending. Xavier De Pauw, founding father of Kennek mentioned:
“Till kennek, lenders needed to dedicate numerous hours to menial operational duties and take care of jumbled and hard-coded information – which makes each different a part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and constructed kennek to make them a factor of the previous.”
The corporate mentioned the newest funding spherical was oversubscribed and closed shortly regardless of the difficult fundraising setting. The brand new capital will probably be used to develop Kennek’s engineering group and strengthen its market place within the UK whereas exploring growth into different European markets. Barbod Namini, Companion at lead investor HV Capital, commented on the funding:
“Kennek has developed an bold and genuinely distinctive proposition which we predict will be the inspiration of the complete various lending house. […] It’s a difficult market and an answer that brings collectively all info and stakeholders onto a single platform is very compelling for each lenders & the ecosystem as an entire.”
The fintech lending house has grown quickly lately, however many lenders nonetheless depend on legacy programs and guide processes that restrict effectivity and scalability. Kennek goals to leverage open banking and information integration to supply lenders with a extra streamlined, automated lending expertise.
The seed funding will permit the London-based startup to proceed growing its platform and increasing its group to fulfill demand from non-bank lenders trying to digitize operations. Kennek’s concentrate on the UK and Europe additionally comes amid rising adoption of open banking and open finance within the areas.
Featured Picture Credit score: Picture from Kennek.io; Thanks!
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