DEG, SEEDS Capital back Singapore fintech startup Turnkey Lender

LENDING software provider Turnkey Lender has raised a fresh funding round led by German development finance institution DEG and joined by SEEDS Capital, the investment arm of Enterprise Singapore, and existing backer Vertex Ventures.

Turnkey Lender declined to comment on the amount raised and the funding stage. Data platform VentureCap Insights noted that the company raised US$6.06 million in Series A2 equity on April 14, at a post-money valuation of US$48.3 million. DEG invested US$3 million, while SEEDS Capital and Vertex Ventures put in US$1.52 million and US$1.03 million respectively, VentureCap said.

Other investors in the round include Turnkey Lender's existing backers Malaysian venture firm OSK Ventures International and Singapore-based Majuven.

Founded in 2014, Singapore-based Turnkey Lender provides lending automation and embedded financing software to integrate the digital lending process and enable credit decision-making. The company says that its customers include traditional, alternative and embedded lenders in over 50 countries.

Turnkey Lender will tap the fresh funding to expand its R&D and business development facilities. The startup plans to expand its offices in Singapore and Kuala Lumpur by two to three times in the next 12 months. and strengthen its artificial intelligence (AI) and data teams, a spokesperson told BT.

Dmitry Voronenko, chief executive and co-founder of TurnKey Lender, said that the capital will help the company "firmly establish our software-as-a-service-based digital lending platform as the leading solution to address today's economy needs for smart and turn-key financing automation".

Anna Smit, DEG's senior investment manager for fintech global markets added: "We are proud to become shareholder of Turnkey Lender and work with the company towards financial inclusion."