Fintech Kennek raises $12.5M seed round to digitize lending

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 provides 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 knowledge to simplify lending. Xavier De Pauw, founding father of Kennek stated:

“Till kennek, lenders needed to commit numerous hours to menial operational duties and cope with 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 stated the newest funding spherical was oversubscribed and closed shortly regardless of the difficult fundraising surroundings. The brand new capital will likely 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, Associate at lead investor HV Capital, commented on the funding:

“Kennek has developed an formidable and genuinely distinctive proposition which we expect will be the muse of all the different lending house. […] It’s a difficult market and an answer that brings collectively all data and stakeholders onto a single platform is extremely compelling for each lenders & the ecosystem as an entire.”

The fintech lending house has grown quickly in recent times, however many lenders nonetheless depend on legacy techniques and guide processes that restrict effectivity and scalability. Kennek goals to leverage open banking and knowledge integration to offer lenders with a extra streamlined, automated lending expertise.

The seed funding will enable 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: Photograph from Kennek.io; Thanks!