Singapore turnkey lender raises $10m in new equity and debt
Lending automation platform and provider of decision management solutions and services Turnkey lender secured $10 million in new funding. The amount raised represents a mix of equity and debt financing. Led by OTB Ventures, the round featured participation from German development finance institution DEG and Vertex Ventures.
TurnKey Lender will use the additional capital to help expand its operations in North America, Europe and Southeast Asia. This will help the business leverage the growing adoption of embedded finance, especially embedded lending.
“We are thrilled to have increased our latest funding level and continue to partner with excellent investors,” said TurnKey Lender CEO and Co-Founder Dmitry Voronenko. “This will energize the next stage of growth. We believe that integrated loans will soon be part of every customer relationship on a global scale.
In addition to its fundraising news, TurnKey Lender announced that it has named a new chairman for its board of directors, Christian Morales. Morales, who participated in this week’s funding round, brings 40 years of senior-level experience at leading technology companies. As President, he will be involved in supporting a wide range of company initiatives in terms of revenue growth, hiring, as well as strategic and customer relationships.
TurnKey Lender offers credit scoring, decision automation and loan management for non-bank lenders. The company’s cloud-based technology is specifically geared towards small and medium-sized lending operations, allowing them to “compete with big banks without big investment”. TurnKey Lender’s platform supports all stages of the loan lifecycle – from application processing and automated decision-making to collection and reporting. The solution can also be easily integrated into internal and external data sources to provide automated data retrieval and processing. TurnKey Lender’s platform is compatible with a wide variety of lending products, including consumer, microfinance, payday, auto, mortgage, SME, and P2P lending.
Making his Finovate debut at FinovateAsia 2016, TurnKey Lender returned to the Finovate stage a year later for FinovateSpring in San Jose, CA. In the years since, the company has become a leading fintech provider with 180 customers and 50 million end users in more than 50 countries. TurnKey Lender customers have enjoyed profitable revenue growth of up to 50% and net retention rates of 126%. The company was founded in 2014.
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Photo by Elle Hughes