TurnKey Lender raises $10 million in new funding round
Today, TurnKey Lender, a global fintech B2B Software-as-a-Service (SaaS) company specialising in AI-powered lending automation solutions, has closed a US$10 million new funding round. The investment round – a mix of equity financing and debt – was led by OTB Ventures, with participation of early backers including Germany’s development finance institution DEG and Vertex Ventures. The new funds will be used to take advantage of new opportunities in embedded lending adoption macro trends across North America, Europe and Southeast Asia, following a sustainable growth trajectory.
TurnKey Lender is also delighted to announce the expansion of its team with the appointment of Christian Moralesas Chairman of the Board. Christian participated in the funding round and brings over 40 years of senior experience in leading global tech institutions. He will be taking an active role in ensuring that TurnKey Lender continues the impressive growth in revenue, hiring, strategic partnerships and client relationships experienced over the past years. He will also build on TurnKey Lender’s AI-powered and fully automated technology, continuing to enable brands financing their own clients with fully automated embedded lending platform.
Founded in 2014, TurnKey Lender plays a part in democratisation of digital lending in developing and developed markets, and has become a leading provider of lending automation and embedded financing software globally. The company offers an all-in-one SaaS platform that automates every part of the digital lending process. TurnKey Lender has a worldwide footprint, with offices in Austin (TX), Singapore, London, Kuala Lumpur and Warsaw, which serves 180 clients and 50 million end users in over 50 countries. TurnKey Lender’s software is used by traditional, alternative, and embedded lenders such as fintechs, telecoms, retailers medical, and B2B lenders, including Esusu, Globe Telecom, aMark, allowing them to profitably grow their revenues by up to 50%, and demonstrating 126% Net Retention Rate.
Dmitry Voronenko, CEO and Co-founder of TurnKey Lender said: “We are pleased to have raised our latest level of funding and to continue partnering with great investors. This will turbocharge theth next stage of our growth. We believe that embedded lending will soon be part of any customer relationship globally.
We are excited to have Christian in our corner. As our new Chairman, I am certain his vision and experience in the market will help our business accelerate even faster on the journey to be a leading global financial services company.”
This article first appeared in Fintech Finance News