London-based fintech kennek has raised a $12.5 million Seed funding round led by HV Capital and includes participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures and Syndicate One. The funds will allow kennek to grow its tech team and tighten its grip on the UK market while exploring European opportunities.
Offering an operating system for lenders kennek, is tackling the lending issues for non-banking types. Its SaaS tools provide support to open banking, open finance and payments.
“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past,” says Xavier De Pauw, founder of kennek.
The fintech says its funding round was oversubscribed and closed within ten weeks of opening - impressive in the current fundraising climate.
“kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space,” says Barbod Namini, Partner at HV Capital. “It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”
Lead image: via kennek. Photo: Uncredited.