Turnkey Lender has secured funding to fuel its global expansion, which includes scaling in Southeast Asia.
The software-as-a-service fintech aims to spur digital lending in developing and developed markets, particularly in Asia Pacific, given the increase in demand for lending digitalization amid the Covid-19 outbreak, its Singapore-based CEO and co-founder told finews.asia.
The company, which provides risk mitigation, application, and decision management solutions and services, will focus its Southeast Asia efforts on Singapore, Malaysia, Philippines and Vietnam, Dmitry Voronenko said.
Demand Drivers
Founded in 2014, Turnkey Lender focuses on digital-first lenders including embedded lenders and buy-now-pay-later providers.
«The main drivers are an after-covid focus on online channels, need to stimulate demand via embedded financing options and the growing need to support SME businesses and consumers with additional financing options,» Voronenko said about the opportunities he sees.
AI and Big Data Hires
Turnkey Lender plans to grow its offices in Singapore and Kuala Lumpur by two to three times within the next 12 months and will strengthen its AI and big data teams in these offices, Voronenko said.
The funding round, for an undisclosed sum, was led by DEG and joined by Seeds Capital, the investment arm of Enterprise Singapore, along with current investors Vertex Ventures, OSK Ventures International, and Majuven.
