In a significant stride towards revolutionizing the European lending software landscape, the startup Kennek has successfully secured a robust seed funding of $12.5m (£10.2m). This comes on the heels of their recent expansion into the European market, where they’ve already begun making waves by acquiring their inaugural customer.
Diving deeper into what Kennek brings to the table, their software isn’t just another lending tool. It’s an integrated solution that streamlines various facets of the lending process. From the intricacies of loan writing and the generation of detailed reports to the complexities of portfolio management and fostering investor relations, Kennek promises a unified solution.
Xavier De Pauw, the visionary founder of Kennek, shed light on the broader picture, emphasizing that the lending sector is only scratching the surface of digital transformation. “Kennek is not just a tool; it’s a catalyst. We’re here to expedite the digital journey of lenders, equipping them with cutting-edge tools to harness the burgeoning growth of the non-bank lending arena,” De Pauw remarked.
It’s worth noting that this isn’t Kennek’s first brush with investor confidence. Earlier in February, the London-centric startup had already raised an impressive £3.7m during its pre-seed round, indicating a consistent trajectory of growth and trust.
Founded in 2021, Kennek was the brainchild of a trio of innovators: De Pauw, Thibault Lancksweert, and Edmund Parsons. Their mission was clear-cut: to address and overcome the operational scalability challenges that lenders and investors grapple with and to inject efficiency into the credit funding process. De Pauw further elaborated on the pain points they aim to alleviate, “Before Kennek’s inception, lenders found themselves mired in tedious operational tasks and had to navigate through a maze of disorganized and rigid data. This not only hampered efficiency but made every subsequent step in lending an uphill battle.”
The recent seed funding round witnessed participation from a slew of prominent investors. Leading the charge was HV Capital, renowned for its investments in groundbreaking startups. Joining them were the Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Each of these investors, with their unique portfolios and histories, underscores the potential they see in Kennek’s offering.
Thibault Lancksweert, one of the co-founders, highlighted a standout feature of the Kennek platform, “Our platform isn’t a one-size-fits-all. It’s versatile, designed to cater to a myriad of B2B loans, be it bridge & development loans, SME term loans, or even R&D and grant advances.”
As Kennek continues its journey, this seed funding marks a pivotal chapter, promising a brighter, more efficient future for digital lending in Europe.
