Picture credit: kennek
London-based fintech agency kennek introduced on Thursday that it has raised $4.5M (roughly €4.1M) in a pre-Seed spherical of funding led by Dutch Founders Fund, ffVC, and Plug and Play Ventures.
The UK agency says it’s going to use the funds to scale and speed up its progress.
Dutch Founders Fund: All it’s essential to know
Amsterdam-based Dutch Founders Fund (DFF) is an early-stage enterprise capital fund began by the folks behind WeTransfer, Simply Eat, Treatwell, and fonQ.
The VC invests in B2B marketplaces and different companies which might be constructed upon community results, backing founders throughout Europe and the MENA area.
Since its launch in 2018, the fund has efficiently invested in 24 firms and has round €100M in Asset below Administration (AuM).
Laurens Groenendijk of the Dutch Founders Fund says, “De Pauw, Lancksweert, and Parsons carry the such assorted and obligatory expertise collectively to deal with the inefficiencies of lending,”
“The uniquely designed product and lending rails that kennek is creating will make it a lot simpler for lenders worldwide to launch, function and scale,” he provides.
kennek: Empowering alternate credit score sector
Thibault Lancksweert, Xavier De Pauw, and Edmund Parsons based kennek in 2021 to resolve two main ache factors – operational scalability for lenders and traders, and extra environment friendly funding of credit.
In accordance with the founders, “the choice lending business continues to be largely run on handbook workflows and with information residing in spreadsheets.”
Because of these outdated processes, lenders aren’t cost-efficient and wrestle to entry funding from institutional traders, who require dependable and linked information, and sturdy and scalable processes.
In consequence, kennek has developed an end-to-end working system to streamline the operations for lenders, credit score traders, corporates, and companies within the various credit score sector.
De Pauw says, “Our purpose is to create a single level of fact for all stakeholders within the lending worth chain.”
He provides, “This can assist drive capital from institutional traders to the actual financial system, corresponding to SMEs, property builders, and corporates.”
kennek’s platform helps lenders handle all the things from mortgage origination and servicing to portfolio administration and investor reporting.
The UK firm has already launched a plug-and-play working system that caters to a broad number of lenders and credit score merchandise.
It has additionally secured industrial wins with purchasers working within the areas of SME loans, R&D credit score, and Business Actual Property.
The corporate additionally claims that corporates use its platform to supply embedded credit score and to handle their receivables financing.
