Lending software startup Kennek has secured $12.5m (£10.2m) in seed funding to expand in Europe, where it recently acquired its first customer.
Kennek says its lending software provides a single solution that includes loan writing, report generation, portfolio management and investor relations.
“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,” said Xavier De Pauw, founder of Kennek.
In February, the London-based startup raised £3.7m in a pre-seed round.
Kennek was founded in 2021 with the goal of solving the problems of operational scalability for lenders and investors and a lack of efficiency in the funding of credits.
Kennek’s investment was led by HV Capital, with Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures and Syndicate One also contributing to the Kennek seed round.
It was established in 2021 by co-founders De Pauw, Thibault Lancksweert and Edmund Parsons.
Lancksweert, said: “One of the unique things about the Kennek platform is that it can cater for all different types of B2B loans: bridge & development loans, SME term loans, R&D and grant advances.”