London Fintech kennek Secures €11.8 Million Investment
Kennek, a London-based fintech, has successfully raised €11.8 million in seed funding, marking a significant milestone in its mission to transform the landscape of non-bank lending. The funding round was led by HV Capital and supported by the Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One.
Kennek is a dynamic fintech company with a unique lending operating system. The company aims to eradicate the complexities and inefficiencies that have long plagued the non-bank lending industry.
Previously, lenders grappled with many disjointed tools and data sources, leading to considerable costs and time inefficiencies. Kennek stepped onto the scene in 2021, offering a vertical SaaS platform that covers a range of lending operations. Leveraging cutting-edge API technology, kennek creates a unified platform, offering a “single point of truth” for lenders, borrowers, and investors.
Xavier De Pauw, the Founder of kennek, expressed,
“Lenders are just embarking on their digitalization journey, and kennek is here to expedite that journey by equipping them with the necessary tools to capitalize on the expanding non-bank lending market. Before kennek, lenders were mired in laborious operational tasks and tangled, hard-coded data – issues we’ve experienced firsthand as former lenders.”
Fueling Growth and Innovation
With a strong foothold in the UK, the €11.8 million raised will propel Kennek’s growth in its home market and enhance the platform’s capabilities. Kennek plans to expand its geographic reach into continental Europe following the recent signing of its first European client.
Barbod Namini, Partner at HV Capital, expressed confidence in Kennek’s potential, stating,
“Kennek has developed an ambitious and genuinely unique proposition that can serve as the foundation of the entire alternative lending space. A solution that consolidates information and stakeholders onto a single platform is compelling for both lenders and the broader ecosystem.”
This funding round comes when the private credit market is expanding quickly. Currently, the market is characterized by increased regulatory capital requirements for conventional banks. Kennek, a key player in the alternative financing market, overcomes all difficulties head-on with its creative strategy.
Kennek is ready to lead the alternative lending revolution, creating a seamless and efficient ecosystem that benefits lenders, borrowers, and investors alike.
