London-based fintech startup Kennek has raised $12.5 million in seed funding to broaden its lending working system.
In accordance with 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 gives 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 handbook duties and consolidate fragmented knowledge 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 knowledge – 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 rapidly regardless of the difficult fundraising surroundings. The brand new capital can be used to broaden Kennek’s engineering workforce and strengthen its market place within the UK whereas exploring growth into different European markets. Barbod Namini, Accomplice at lead investor HV Capital, commented on the funding:
“Kennek has developed an bold and genuinely distinctive proposition which we expect will be the inspiration of your entire various lending house. […] It’s a difficult market and an answer that brings collectively all info and stakeholders onto a single platform is extremely compelling for each lenders & the ecosystem as a complete.”
The fintech lending house has grown quickly in recent times, however many lenders nonetheless depend on legacy techniques and handbook processes that restrict effectivity and scalability. Kennek goals to leverage open banking and knowledge integration to supply lenders with a extra streamlined, automated lending expertise.
The seed funding will enable the London-based startup to proceed creating its platform and increasing its workforce to satisfy 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: Photograph from Kennek.io; Thanks!
