TurnKey Lender Secures $2 Million in Series A From One of the Oldest VCs in Singapore
TurnKey Lender, a fintech company with a portfolio of software solutions for the lending industry, has secured a $2 million round of funding commanded by Vertex Ventures, the venture capital arm of Temasek Holdings.
TurnKey Lender is headquartered in Singapore and focuses on complete automation of cloud-based software solutions that power all phases of the loan life cycle – from intuitive AI-driven credit decisioning to the processing of applications to reporting and collections.
TurnKey Lender intends to use the funds for hiring more staff to facilitate product development, and develop new markets in Indonesia, Thailand, Philippines, and other Asia-Pacific regions.
Commenting on the round of funding from Vertex Ventures, the TurnKey Lender co-founder Dmitry Voronenko highlighted the “utmost importance” of a prospect to deliver to both weak and well-developed economies of Asia-Pacific regions a perfectly rounded software solution for still mostly paper-based banks and non-bank lenders. “The unique data-analysis algorithms that comprise the software’s focal points,” Voronenko added, “make the software truly stand out as an all-encompassing universal tool for better credit decisioning, more accurate credit scoring and, all in all, more efficient platform for any lending business – small, medium, large, bank or non-bank. TurnKey Lender would benefit from the partnership with Vertex Ventures tremendously; it would give our company the necessary ammunition to penetrate new markets as well as continue to grow in existing ones.”
TurnKey Lender currently has more than forty customers in twenty-five countries including the United States, TurnKey Lender’s biggest market.
The company was founded in 2014. It showcased its SaaS solution at FinovateSpring 2017 emphasizing the software’s ability to leverage machine learning to tackle a host of challenges in developing markets: inaccurate credit scoring, limited access to borrowers’ data, the absence of well-qualified workforce for the industry and many others.
“We’ve successfully created a scalable, fully automated enterprise-grade solution for when a generic scoring template isn’t enough,” says Elena Ionenko, co-founder and head of business development for TurnKey Lender. “With the help of our technology, borrowers’ needs are going to be met through alternative credit scoring approaches. As a result, businesses will scale, and their customers will have a safe, painless and joyful experience.”