TurnKey Lender raises series A1 funding
By Digital News Asia March 7, 2019
- Funds will be used to expand its product offerings, scale its footprint globally
- Offers AI-powered end-to-end lending business automation technology
OSK Ventures International Bhd (OSKVI) successfully led a Series A1 round of funding for TurnKey Lender Pte Ltd, together with other venture partners such as Vertex Ventures SEA & India and Western NIS Enterprise Fund.
The funds raised will be used to further fuel the company’s growth, expand its product offerings, and scale its footprint globally especially in the US, Europe and Southeast Asia.
The Singapore-based fintech startup offers Artificial Intelligence (AI) powered end-to-end lending business automation technology with advanced credit scoring, decision automation and loan management for various types of lenders from Peer-to-Peer (P2P) microfinance to global financial institutions.
Its loan management platform, delivered over the cloud, automates all stages of the lending life cycle – from application processing to collections and reporting.
“We are delighted by our business acceleration we have achieved over the last year. We believe that enabling greater access to credit for more companies and individuals is a problem rooted in technology availability, not in capital and finance. Our goal is to streamline the adoption of AI-powered digital lending technology for banks, non-bank lenders and alternative lending companies around the globe.
"This funding round will enable us to expand quickly into new markets and to ensure that TurnKey Lender’s momentum will continue to pick up steam. We are excited by this vote of confidence and to be working beside high caliber investors,” said TurnKey chief executive officer Dmitry Voronenko.
TurnKey, a globally recognised company with clients spanning across 27 countries, launched its loan origination and loan underwriting on a Software-as-a-Service (SaaS) model and targets both online (and offline) non-bank lenders who wish to automate their entire business processes, increases the efficiency of their operations and leverage on AI in their credit decision process.
OSKVI chief operating officer Patrick Yee, said, “We are thrilled to participate in this fast-growing cloud-based lending software platform which we foresee will revolutionise a strong growth in the periphery of traditional bank and financial institutions.
“With TurnKey’s proven track-record and fast-growing customer base, we look forward to scale with them in providing powerful enterprise-level and AI solutions for lenders across the various spectrum of the industries.”
Founded by a pair of global technology leaders, Dmitry Voronenko and Elena Ionenko, TurnKey’s cloud-based solution uses AI and bring the same level of credit scoring and automation technology used in banks to aspiring and established lenders on SaaS model.
That automation will help non-bank lenders and small banks to automate and digitise their services and to offer access to financing to the sub-prime and underserved population.
Carmen Yuen, partner of Vertex Ventures SEA & India said, “Financing gap is still very apparent in Southeast Asia. According to McKinsey Global Institute, there is a U$175 billion gap in SME financing alone. When we add the potential loan appetite from consumer lending, the opportunity becomes mind boggling.
“Startups and businesses will need to put together lending solutions quickly – and will have to rely on an army of engineers to build these solutions. Given the limitation of talent, and time to market, these businesses are better off leveraging on TurnKey’s platform and focus on providing the loans. It was with this conviction that we invested in the company and continue to support them.”
TurnKey’s integration of sophisticated automation lending solutions is ideal for the current financial landscape which is going through a dramatic shift towards online and digitalisation.
From its loan origination, to collections and reporting, the platform is also empowered with an automated risk assessment, which enables businesses and regional P2P operators to manage the decisionmaking process from start to finish.
Related Stories :