London-based fintech kennek raises €11.8 million to ride the growing wave of alternative lending
Summary
kennek, a London-based fintech that offers an operating system for lenders, announced a €11.8 million seed raise led by HV Capital and supported by Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures and Syndicate One. kennek’s mission is to eliminate the complexity and inefficiency that has for years held back the huge non-bank lending sector. “Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. “kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space.” said Barbod Namini, Partner at HV Capital. Ever-tighter regulatory capital requirements for banks are affecting their ability to lend to businesses, while borrower defaults are rising in the higher interest rate environment.