FinTech: UK-Based kennek Gets €11.8M Seed Capital To Boost Private Credit With SaaS Product

October 10, 2023 | FinTech, News, Venture Capital

“We’re building the gold standard of lending software.” – kennek.

London-based fintech company kennek has secured an impressive €11.8 million in seed funding. The funding round was led by HV Capital and saw support from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Founded in 2021, kennek’s primary mission is to simplify and enhance the non-bank lending sector, which has long grappled with complexity and inefficiency. Traditionally, lenders have had to rely on disjointed tools and data, resulting in significant costs and time consumption. Moreover, this approach has failed to capitalize on recent innovations like Open Banking, Open Finance, and Payments.

kennek has revolutionized this landscape with its vertical SaaS offering. Their platform covers all aspects of lenders’ operations, from underwriting to monitoring and servicing, as well as investor reporting. Using cutting-edge API technology, kennek has created a centralized hub, streamlining communication between lenders, borrowers, and investors. (EU-Startups)

Xavier De Pauw, Founder of kennek, emphasized their commitment to accelerating the digitalization journey of lenders. The €11.8 million raised will be used to further fuel kennek’s growth in the UK, where it has already gained substantial traction. Additionally, kennek plans to expand its presence in continental Europe, building on its recent success with its first European client.

HV Capital Partner Barbod Namini praised kennek’s unique proposition, which promises to transform the alternative lending space by uniting all stakeholders on a single platform. This funding comes at a crucial time as the private credit market grows in size and complexity. Stricter regulatory requirements for banks and rising borrower defaults highlight the need for solutions like kennek.

In a testament to investors’ confidence, the funding round was oversubscribed and closed within just 10 weeks. Existing investors, including lead investor DFF, doubled down on their investments.

Related Story:  Alternative Credit Firm Evolution Credit Raises Over $1B

Image by InspiredImages from Pixabay

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