Lending automation platform and decision management solution and services provider TurnKey Lender has secured $10 million in new funding. The amount raised represents a blend of both equity financing and debt. 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 across North America, Europe, and Southeast Asia. This will help the company take advantage of the growing embrace of embedded finance, especially embedded lending.
“We are pleased to have raised our latest level of funding and to continue partnering with great investors,” TurnKey Lender CEO and co-founder Dmitry Voronenko said. “This will turbocharge the next stage of growth. We believe that embedded lending will soon be part of any customer relationship globally.”
In addition to its fundraising news, TurnKey Lender announced that it had appointed a new chair for its board of directors, Christian Morales. Morales, who participated in this week’s funding round, brings 40 years of senior experience in leading technology companies. As chair, he will be involved in supporting a wide range of the company’s initiatives in terms of revenue growth, hiring, as well as both strategic and client relationships.
TurnKey Lender offers credit scoring, decision automation, and loan management for non-bank lenders. The company’s cloud-based technology is geared specifically toward small and medium-sized lending operations, enabling them to “compete with big banks without the 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 also can be readily integrated into both 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 loans.
Making its Finovate debut at FinovateAsia 2016, TurnKey Lender returned to the Finovate stage a year later for FinovateSpring in San Jose, California. In the years since, the company has grown into a leading fintech provider with 180 clients and 50 million end users in more than 50 countries. TurnKey Lender’s customers have enjoyed profitable revenue growth of as much as 50% and net retention rates of 126%. The company was founded in 2014.
Here is our look at fintech innovation around the world.
Central and Southern Asia
- Indian B2B marketplace TradeIndia launched a new loan service for micro-, small-, and medium-sized business called TradeIndia Lending.
- Sri Lanka’s central bank, CBSL, warned its citizens against turning to cryptocurrencies during the country’s political crisis.
- FPL Technologies, the company behind India’s OneCard, reached unicorn status this week after raising $100 million in new funding.
Latin America and the Caribbean
- Mexican fintech Stori earned a valuation of more than $1 billion after securing a Series C investment of $150 million.
- Brazilian lending platform Creditas bought a banking license and a mortgage marketplace.
- Latin American digital wallet PicPay became Brazil’s latest licensed bank.
Asia-Pacific
- Worldline and Casio Computer forged strategic partnership to make card payments and cashless shopping easier for Japanese consumers, and less expensive for Japanese retailers.
- Maya Bank, a digital bank headquartered in the Philippines, launched a new savings feature, Personal Goals.
- Japan-based fintech SmartBank locked in $20 million in Series A funding in a round led by Globis Capital Partners to support its prepaid card and finance app.
Sub-Saharan Africa
- South African mobility fintech Moove secured $20 million in funding from Absa Corporate and Investment Banking (CIB).
- African money movement platform Zazuu raised $2 million in funding.
- Nigeria’s central bank directed the country’s banks and other financial institutions to embrace open banking.
Central and Eastern Europe
- Deutsche Bank announced that it was developing its own Buy Now, Pay Later solution in collaboration with Austrian fintech Credi2.
- German startup UnitPlus launched an exchange-traded fund (ETF) with an integrated payment mechanism.
- 4Trans, a fintech based in the Czech Republic that helps facilitate invoice processing for transportation companies, announced new funding of $18 million.
Middle East and Northern Africa
- YAP, a digital bank based in the UAE, raised $41 million in funding to fuel expansion throughout the MENA region and South Asia.
- Cards-as-a-Service platform SimpliFi and Bahrain-based card processor Infinios announced a partnership to support fintechs in the MENA region.
- International identity verification provider Verifff announced support for Arabic identity documents that use the Arabic alphabet.