London-based fintech startup Kennek has raised $12.5 million in seed funding to broaden its lending working system.
According to an Oct. 10 tech.eu report, the round 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 handbook duties and consolidate fragmented information to simplify lending. Xavier De Pauw, founding father of Kennek mentioned:
“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”
The firm mentioned the most recent funding round was oversubscribed and closed shortly regardless of the difficult fundraising setting. The new capital might be used to broaden Kennek’s engineering staff and strengthen its market place within the UK whereas exploring growth into different European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the funding:
“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”
The fintech lending area has grown quickly in recent times, however many lenders nonetheless depend on legacy methods and handbook processes that restrict effectivity and scalability. Kennek goals to leverage open banking and information integration to present 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 staff to meet demand from non-bank lenders wanting 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 Image Credit: Photo from Kennek.io; Thank you!