Singapore fintech startup Turnkey Lender has raised investment in a round led by Vertex Ventures. The funding amount was not disclosed.
The company will use the newly-raised funding to expand its SaaS platform across the region, ramp up product development and hire new talent.
Founded in Ukraine but currently headquartered in Singapore, Turnkey Lender’s cloud-based platform allows companies (non-banks) to automate credit scoring and loan management online.
It uses machine learning and data analysis to understand potential loan applicants, ranging from small scale to large scale loans.
“Our goal is to enable new lending companies with the bank-grade technology and to help existing small and medium-sized lenders to digitise their services,” said co-founder Dmitry Voronenko.
The company has over 40 customers across 25 countries. The majority of its
clients are in the USA. In the Southeast Asian region, most of its clients are in Indonesia and Philippines.
Turnkey Lender’s clients consist of three main groups: alternative lenders and financing companies, micro-lenders and cooperatives, and small banks.
It charges a one-time setup fee for the client, and then charges a monthly or annual fee for the software.
Image Credit: Turnkey Lender