Bridging and growth lenders are amongst those that have already signed as much as Kennek, a software program supplier for the choice credit score house that’s “doubling down” its growth efforts within the UK this yr.
The London-based fintech, which launched final yr, has developed a complete resolution that streamlines operations for the choice credit score trade. It may be utilized by present lenders and banks, but in addition as a white label product for brand spanking new lenders.
Chief government and co-founder Xavier De Pauw (pictured proper, with staff), who beforehand labored in structured finance at Merrill Lynch, advised Peer2Peer Finance Information that UK lenders from the bridging and growth house, in addition to these funding small- and medium-sized enterprises, have already signed up to make use of Kennek’s software program as a service. He declined to call the lenders at this stage.
Learn extra: Property buyers drive bridging mortgage exercise
De Pauw stated that he and his co-founders “noticed a ache level” that Kennek goals to resolve by offering an end-to-end resolution for smaller lenders.
“There was not a lot expertise accessible for them,” he stated. “They might choose sure parts like open banking however not one software program as a service.”
Kennek raised $4.5m (£3.66m) in a pre-seed funding spherical in February and will probably be utilizing the proceeds to construct out its 20-strong staff and expertise providing.
Learn extra: Sweden’s SaveLend eyes profitability and EU growth this yr
It’s launching a brand new underwriting-as-a-service product, which can automate again and center workplace processes similar to threat administration and funds.
Whereas Kennek is extra established within the UK market, it’s also planning to broaden into continental Europe.
“This yr, we’re doubling down on the UK – it’s the most important different credit score market in Europe,” De Pauw stated.
“However there’s positively native demand in mainland Europe as properly and we now have some continental lenders able to signal. We will probably be placing some revenues from the fundraise right into a European growth.”
Learn extra: Market funds platform Ryft receives FCA licence