Fintech company kennek, based in London, receives €11.8 million in seed funding from a group of investors that includes Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One.
Kennek’s aim is to get rid of the complexity and ineffectiveness that have long prevented the huge non-bank lending market from growing. Lenders had to rely on Excel and a mishmash of disconnected tools and data up to this point.
This is laborious and costly and fails to take advantage of current breakthroughs with great potential, such as Open Banking, Open Finance, and Payments.
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Xavier De Pauw, Founder of kennek said, “Lenders are really just at the start of the digitalisation journey. kennek is here to help accelerate that journey and provide them with the tools to capitalise on the growth of the non-bank lending space, 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.”
The €11.8 million fundraising will be used to speed up kennek’s quick growth in its native country and also expand the platform’s functionality after it already gained substantial momentum in the UK. After recently securing its first client in continental Europe, kennek also aims to broaden its geographic reach into that region.
Kennek is a comprehensive lending operating system. Any lender can scale operations, automate payments, track risk, and report to investors with the aid of Kennek.
With the best-in-class technology for managing everything from Loan Origination to Servicing & Monitoring, Portfolio administration, and Investor Reporting, Kennek’s goal is to help lenders function effectively and scale with ease. All of this occurs without the requirement for internal development, allowing lenders to concentrate solely on their interactions with customers.