London-based Kennek, a fintech that specializes in developing an operating system for lenders, announced that it has secured $ 12.5M in a seed round of funding led by HV Capital.
Dutch Founders Fund, ff Venture Capital, and Plug & Play Ventures also joined the round after participating in the startup’s pre-seed funding round last February. The pre-seed round managed to raise €4.1M.
The seed round was oversubscribed and closed after 10 weeks of opening. Dutch Founders Fund doubled its investment in the latest fundraising.
The UK startup says it will use the additional funds to fuel growth, especially in its home market, and enhance the platform’s functionalities. Kennek is also looking to expand to Europe after signing a new client there.
Established in 2021, Kennek aims to reduce the complexity and inefficiency in the operations of non-bank lenders. Despite the continuously evolving technology, many lenders still rely on unconnected data and tools.
This situation leads to soaring operating costs and lengthy service time. Kennek provides solutions to tackle this problem via its SaaS offering.
Kennek says its ingenious platform provides a “single point of truth” for lending firms, borrowers, and investors.
The platform covers various aspects of lender operations, from loan underwriting to monitoring. It also helps lenders generate reports for their investors.
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