Kennek is a comprehensive lending software platform that aids credit investors as well as lenders in growing their businesses and managing risks. With bank-grade quality and security, it provides end-to-end software for the whole lifecycle of the loan, from origination to maturity, and connects with numerous APIs data streams.
A $12.5 million Seed round was announced, with HV Capital as the lead investor and Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One as supporting funding.
The $12.5 million financing will be used to accelerate kennek’s quick expansion in its native country and also extend the capabilities of the platform, which has already seen significant traction in the UK. After recently securing its first client in continental Europe, kennek also intends to broaden its geographic reach into that region.
This increase occurs at a time when the private loan industry is rapidly expanding in both size and complexity. Bank lending to businesses is being hampered by the now independent UK-goverment’s regulatory capital requirements, and a recent wave of defaults is making lending difficult for startups.