SEEDS Capital – the investment arm of government agency Enterprise Singapore (ESG) – has just put forth an investment in TurnKey Lender, a global fintech B2B Software-as-a-Service company.
This investment is made together with German development finance institution DEG, and companies such as Vertex Ventures, OSK Ventures International and Majuven, at an undisclosed amount.
The move looks to democratise digital lending in developing and developed markets as well as to scale the global adoption of TurnKey Lender’s embedded technology.
Founded in 2014, TurnKey Lender specialises in providing AI-powered lending automation and risk-mitigation solutions.
The company’s software allows for accurate credit decision making at every stage of a loan cycle.
“Turnkey’s tech driven and AI-powered products offer state of the art lending solutions for clients all over the world,” observes Anna Smit, DEG’s Senior Investment Manager for FinTechs Global Markets.
For reference, the company’s software has been adopted by embedded lenders in over 50 countries.
“The software solutions allow the speedy implementation of embedded lending as well as the improvement of the efficiency and effectiveness of existing lenders,” adds Smit.
SEE:Turnkey Lender wants to make lending easier for SE Asia’s non-bank lenders
TurnKey Lender is happy to receive funding from DEG – the lead investor for this investment round – as well as SEEDS Capital.
“We are happy to be joined by Enterprise Singapore's SEEDS Capital due to shared alignment on paramount role of Artificial Intelligence in lending digitalization and APAC expansion strategy,” says Dmitry Voronenko, CEO and Co-founder of TurnKey Lender.
“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," he added.
The company is looked to channel the funds from this investment towards further expanding its R&D and business development facilities, strengthening its market positions and promoting economic development in emerging markets.
It will also look into scaling the digitalisation of credit worldwide with intelligent lending technology.
