TurnKey Lender, a global fintech B2B Software-as-a-Service (SaaS) company specializing in AI-powered lending automation and risk-mitigation solutions, has raised a new funding round led by DEG and joined by SEEDS Capital, the investment arm of Enterprise Singapore, along with its current investor’s Vertex Ventures, OSK Ventures International, and Majuven. The investment is aimed at the democratization of digital lending in developing and developed markets and scaling the adoption of the TurnKey Lender’s embedded lending technology worldwide.
Founded in 2014, TurnKey Lender has become one of the leading global providers of lending automation and embedded financing software, offering an all-in-one SaaS platform that automates every part of the digital lending process. The company’s software is used by traditional, alternative, and embedded lenders in 50+ countries and allows them to make accurate credit decisions at every stage of the loan life cycle in real-time.
TurnKey Lender has tripled its ARR year-over-year and significantly increased its core customer base. The strong financial performance of the company is driven by a massive post-COVID outbreak increase in demand for lending digitalization as well as multiple deployments of TurnKey Lender solution by large multi-national embedded lenders.
The joint investment of an undisclosed amount will be used for further expansion of TurnKey Lender’s R&D and business development facilities, strengthening its market positions, promoting economic development in emerging markets, and scaling the digitalization of credit worldwide with intelligent lending technology.
“We are excited to bring in a high-quality long-term investor like DEG which shares our mission and a common vision of transforming the future of embedded lending through our intelligent, intuitive, and turn-key software for crediting automation. And we are happy to be joined by Enterprise Singapore’s SEEDS Capital due to shared alignment on the paramount role of Artificial Intelligence in lending digitalization and APAC expansion strategy.
This funding round is a strong vote of confidence in our mission to technologically boost fair lending globally.
As we continue to experience rapid growth, this capital injection will help us firmly establish our SaaS-based digital lending platform as the leading solution to address today’s economy needs for smart and turn-key financing automation and will allow TurnKey Lender to further accelerate our international expansion,” – commented Dmitry Voronenko, CEO and Co-founder of TurnKey Lender.
“Turnkey’s tech-driven and AI-powered products offer state of the art lending solutions for clients all over the world. The software solutions allow the speedy implementation of embedded lending as well as the improvement of the efficiency and effectiveness of existing lenders. We are proud to become a shareholder of Turnkey Lender and work with the company towards financial inclusion” says Anna Smit, DEG Senior Investment Manager FinTechs Global Markets.
About TurnKey Lender
TurnKey Lender is a global leader in Unified Lending Management. The company designs and develops intelligent award-winning software solutions that automate the entire lending process with market-leading time-to-market. The solution’s capabilities cover traditional and alternative lending, SME financing, grant management, leasing, trade finance, in-house financing, and more. TurnKey Lender serves customers in 50+ countries, and as a pioneer in the development of embedded AI-based software for lenders, TurnKey Lender is quickly gaining traction within regions like the United States, APAC, and the EU. Lenders using the company’s solutions range from large/mid-size banks, digital lenders, and multi-finance companies to equipment providers, retailers, trade finance operators, telecoms, and other non-traditional lenders.
About DEG
For almost 60 years DEG, a subsidiary of KfW, has been a reliable partner to private-sector enterprises operating in developing and emerging-market countries. DEG provides its customers with tailor-made solutions, including financing, promotional programs and advice tailored to individual needs. They can thus develop successfully and sustainably while generating local added value and creating qualified jobs. With a portfolio of around EUR 8.5 billion in approximately 80 countries, DEG is one of the world’s largest private-sector development financiers.
About SEEDS Capital
As the investment arm of Enterprise Singapore, SEEDS Capital catalyzes smart investments into innovative Singapore-based startups with strong intellectual content and global market potential. SEEDS Capital co-invests with independent investors in innovative startups. SEEDS Capital helps its startups commercialize and expand globally through leveraging on the expertise and strategic networks of our co-investment partners in areas such as technology translation, commercialization, and market expansion. Through co-investments, SEEDS Capital aims to catalyze investments into nascent and strategic sectors. These include Advanced Manufacturing & Engineering, Health & Biomedical Sciences, Urban Solutions & Sustainability, and Services & Digital Economy.
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