On Thursday, July 14, B2B software-as-a-service (SaaS) company TurnKey Lender announced that it had raised $10 million in additional funding and appointed a new board chairman.
TurnKey has appointed Christian Morales, a 40-year veteran of the international computer business, to serve as the chairman of its board of directors.
He will actively participate in ensuring that TurnKey Lender maintains its impressive growth in revenue, hiring, strategic partnerships, and customer relationships, according to the news release. He will continue to expand TurnKey Lender’s AI-powered and fully automated technology to enable businesses to finance their own clients with an integrated lending platform.
A 2014 startup called TurnKey Lender provides integrated financial software that uses a SaaS platform to streamline the loan application process. Its clients include traditional, alternative, and embedded lenders as well as FinTech companies, telecommunications companies, merchants, and medical and B2B lenders.
The company, which has locations in Austin, Singapore, London, Kuala Lumpur, and Warsaw, provides services to 180 businesses and 50 million end customers in 50 countries, according to a news release.
TurnKey partnered earlier this year with Canadian integrated payment technology company VoPay to provide lenders with fully automated end-to-end digital operations.
In order to “further streamline the digitization of every stage of the loan process for traditional, alternative, and embedded lenders,” TurnKey Lender and VoPay announced their alliance in May.
The TurnKey Lender platform, which “specializes in the automation of consumer and commercial credit,” states that “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.”
In a 2021 interview with PYMNTS, co-founder and COO of TurnKey Lender Elena Ionenko discussed how traditional financial institutions have an edge over FinTech competitors because they have access to vital data on their business clients.
Ionenko claimed that while offering a variety of business loans online, many FinTechs and non-bank lenders still manually analyze applications and make decisions. To automate the loan origination process for commercial lending, specific credit scoring models must be created, which can only be done using data.
