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HomeTechnologyFintech Kennek raises $12.5M seed spherical to digitize lending

Fintech Kennek raises $12.5M seed spherical to digitize lending

London-based fintech startup Kennek has raised $12.5 million in seed funding to develop its lending working system.

In keeping 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 affords 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 mentioned:

“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 mentioned the newest funding spherical was oversubscribed and closed shortly regardless of the difficult fundraising surroundings. The brand new capital can be used to develop Kennek’s engineering staff 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 formidable and genuinely distinctive proposition which we expect will be the inspiration of the complete different lending area. […] It’s a sophisticated market and an answer that brings collectively all data and stakeholders onto a single platform is extremely compelling for each lenders & the ecosystem as a complete.”

The fintech lending area 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 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 staff to fulfill demand from non-bank lenders seeking 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!

Radek Zielinski

Radek Zielinski is an skilled expertise and monetary journalist with a ardour for cybersecurity and futurology.

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