TurnKey Lender raises $10 million in new funding round with OTB Ventures and appoints former Intel Corporate Vice President Christian Morales as Chairman of the Board
- Fundraising News
- 14.07.2022 11:45 am
Today, TurnKey Lender, a global fintech B2B Software-as-a-Service (SaaS) company specialising in AI-powered lending automation solutions, has closed a US$10 million new funding round. The investment round – a mix of equity financing and debt – was led by OTB Ventures, with the participation of early backers including Germany’s development finance institution DEG and Vertex Ventures. The new funds will be used to take advantage of new opportunities in embedded lending adoption macro trends across North America, Europe and Southeast Asia, following a sustainable growth trajectory.
TurnKey Lender is also delighted to announce the expansion of its team with the appointment of Christian Moralesas Chairman of the Board. Christian participated in the funding round and brings over 40 years of senior experience in leading global tech institutions. He will be taking an active role in ensuring that TurnKey Lender continues the impressive growth in revenue, hiring, strategic partnerships and client relationships experienced over the past years. He will also build on TurnKey Lender’s AI-powered and fully automated technology, continuing to enable brands to finance their own clients with a fully automated embedded lending platform.
Founded in 2014, TurnKey Lender plays a part in the democratisation of digital lending in developing and developed markets and has become a leading provider of lending automation and embedded financing software globally. The company offers an all-in-one SaaS platform that automates every part of the digital lending process. TurnKey Lender has a worldwide footprint, with offices in Austin (TX), Singapore, London, Kuala Lumpur and Warsaw, which serves 180 clients and 50 million end users in over 50 countries. TurnKey Lender’s software is used by traditional, alternative, and embedded lenders such as fintechs, telecoms, retailers medical, and B2B lenders, including Esusu, Globe Telecom, aMark, allowing them to profitably grow their revenues by up to 50%, and demonstrating 126% Net Retention Rate.
Dmitry Voronenko, CEO and Co-founder of TurnKey Lender said:
“We are pleased to have raised our latest level of funding and to continue partnering with great investors. This will turbocharge the next stage of our growth. We believe that embedded lending will soon be part of any customer relationship globally.
We are excited to have Christian in our corner. As our new Chairman, I am certain his vision and experience in the market will help our business accelerate even faster on the journey to be a leading global financial services company.”
Adam Niewinski, Co-founder and Managing Partner of OTB Ventures said:
“OTB Ventures, we are proud to be leading this oversubscribed financing round for TurnKey Lender. Having been on the front line of the company, I have seen first-hand the impressive development of the international client list that the team can deliver in a dynamically growing and highly competitive environment. TurnKey Lender has created an AI-based software like no other in the industry and is revolutionising the horizons of innovation within financial services.”
Christian Morales said:
“I am humbled and very excited to be joining the TurnKey Lender team as they embark on their worldwide mission to lead key aspects of Digital Lending Transformation, with world-leading solutions and an extremely attractive and scalable customer proposition.”