Xavier De Pauw (centre) / Kennek
Lending tech provider Kennek closes oversubscribed $12.5m seed round
The latest raise comes just nine months after Xavier De Pauw closed his company’s pre-seed raise
Lending infrastructure provider Kennek has secured a fresh funding round, just nine months after closing its pre-seed round earlier this year.
Today the company announced it has closed a $12.5m seed raise led by HV Capital and supported by the Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures and Syndicate One.
The round closed in just 10 weeks and was oversubscribed, with all of Kennek’s existing investors following on.
“What we’ve raised now is transformative for us, so that we can focus on the longer term, we can be more strategic and this gives us a basis for more credibility and trust,” Kennek founder Xavier De Pauw told AltFi.
We’ve got some serious investors who believe in our thesis, so customers can now get on board and trust we will deliver, in fact, we’ve already signed more than 10 clients already.”
Kennek is building an all-in-one platform that covers every aspect of a lending operation, from underwriting through to monitoring and servicing.
De Pauw told AltFi that the funding will be focused on continuing to develop its core technology proposition, helping double Kennek’s headcount from around 20 employees to around 40.
As well as doubling down on the UK, Kennek is also opening the door to Europe with its first client already signed on the continent and more in the works.
“We can go to Europe and we can also serve different types of lenders, we've already got some SME lenders, we've got some bridge lenders and so on,” De Pauw said.
“From a business point of view we’re showing growth and growth acceleration, but also showing that we can tackle a diversity of clients without going too broad.”