Malaysian private equity firm OSK Ventures International has led an undisclosed sum Series A1 funding round in Singapore-based fintech company TurnKey Lender. Vertex Ventures’ fund for Southeast Asia and India and Western NIS Enterprise Fund also participated in the round. Vertex Ventures had invested $2 million in the startup in 2017. The investment will be used to further fuel the company’s growth, expand its product offerings, and scale its global footprint especially in the US, Europe and Southeast Asia, the company said in a statement.
The AI- powered startups’s loan management platform, delivered over the cloud, automates all stages of the lending life cycle, from application processing to collections and reporting. TurnKey said it has worked with clients across 27 countries, and launched its loan origination and loan underwriting on a Software-as-a-Service (SaaS) model. The startup targets both online and offline non-bank lenders, by helping non-bank lenders and small banks to automate and digitise their services and to offer access to financing to the sub-prime and underserved population.
“Financing gap is still very apparent in Southeast Asia. According to McKinsey Global Institute, there is a $175-billion gap in SME financing alone. When we add the potential loan appetite from consumer lending, the opportunity becomes mind boggling,” commented Carmen Yuen, Partner of Vertex Ventures SEA & India.
TurnKey was founded in 2014 by Dmitry Voronenko and Elena Ionenko.