B2B Software-as-a-Service (SaaS) company TurnKey Lender announced Thursday (July 14) it had raised $10 million in new funding and appointed a new board chairman.
According to a news release sent to PYMNTS, the company will use the funds to “take advantage of new opportunities in embedded lending adoption macro trends across North America, Europe and Southeast Asia, following a sustainable growth trajectory.”
See also: TurnKeyLender, VoPay, Team to Digitize Lending
Meanwhile, TurnKey has appointed Christian Morales, a 40-year veteran of the global tech world, to serve as its new board chairman.
“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,” the release said. “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 provides lending automation and embedded financing software, offering an SaaS platform that it says automates each step of the digital lending process. Its clients include traditional, alternative, and embedded lenders such as FinTechs, telecoms, retailers, medical and B2B lenders.
The company has offices in Austin, Singapore, London, Kuala Lumpur and Warsaw, and serves 180 clients and 50 million end users in over 50 countries, per the release.
Earlier this year, TurnKey joined forces with Canadian integrated payment technology company VoPay to offer lenders fully digitized end-to-end process automation.
“TurnKey Lender and VoPay are combining forces to further streamline the digitization of every part of the lending process for traditional, alternative, and embedded lenders,” the companies said in May.
“While TurnKey Lender platform specializes in the automation of consumer and commercial credit, a meaningful integration with VoPay will allow for quick and efficient automated loan disbursements and installment collections, expanding the capabilities of lenders to meet customer payment preferences.”
Learn more: Banks Brace For New Competitive Forces In Commercial Lending
In 2021, PYMNTS spoke with Elena Ionenko, TurnKey Lender co-founder and chief operating officer, about the way traditional financial institutions hold key data on their business customers, giving them an edge over on their FinTech rivals.
“Even today, FinTechs and non-bank lenders who offer different business loans online, in many cases, still process applications and make decisions manually,” Ionenko said. “In order to digitize the loan origination process for commercial lending, you need to build specific credit scoring models, which can only be built if you have data.”
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