TurnKey Lender, a B2B Software-as-a-Service (SaaS) provider, disclosed on Thursday, July 14, that it has received $10 million in fresh capital and named a new board chairman.
Christian Morales, a 40-year veteran of the global computer industry, has been chosen by TurnKey to lead its board of directors.
According to the news announcement, “he will be actively involved in making sure that TurnKey Lender maintains the remarkable growth in revenue, recruiting, strategic collaborations, and customer connections established over the last years.” He will continue to enable companies to finance their own clientele with a completely automated integrated lending platform by extending TurnKey Lender’s AI-powered and fully automated technology.
TurnKey Lender, a company that was established in 2014, offers integrated finance software that automates the loan process through the use of a SaaS platform. Traditional, alternative and embedded lenders including FinTechs, telecommunications, merchants, medical, and B2B lenders are among its clientele.
According to the press announcement, the firm services 180 companies and 50 million end users across 50 countries from offices in Austin, Singapore, London, Kuala Lumpur, and Warsaw.
In order to provide lenders with completely automated end-to-end digital processes, TurnKey teamed up with Canadian integrated payment technology startup VoPay earlier this year.
TurnKey Lender and VoPay announced a partnership in May with the goal of “further streamlining the digitalization of every step of the loan process for traditional, alternative, and embedded lenders.”
“A meaningful integration with VoPay will enable quick and efficient automated loan disbursements and installment collections, extending the capabilities of lenders to meet customer payment preferences,” says the TurnKey Lender platform, which “specializes in the automation of consumer and commercial credit.”
Elena Ionenko, co-founder and COO of TurnKey Lender, was interviewed by PYMNTS in 2021 about how conventional financial institutions possess crucial data on their business clients, giving them an advantage over their FinTech rivals.
Ionenko stated that many FinTechs and non-bank lenders who provide various business loans online nevertheless manually review applications and make judgments. The development of particular credit scoring models, which can only be done if you have data, is required in order to automate the loan origination process for commercial lending.
