OSKVI leads Series A1 financing round for Turnkey Lender

KUALA LUMPUR: OSK Ventures International (OSKVI) Bhd has led a Series A financing round of funding for start-up TurnKey Lender Pte Ltd, together with Vertex Ventures SEA & India and Western NIS Enterprise Fund.

The private equity company said the fund would be utilised to ramp up the Singapore-based online lending software provider’s product offerings and global footprint, mainly in the United States, Europe and Southeast Asia.

Chief operating officer Patrick Yee said the cloud-based lending software platform would be able to revolutionise a strong growth in the periphery of traditional bank and financial institutions.

“With TurnKey’s proven trackrecord and fast-growing customer base, we look forward to scale with them in providing powerful enterprise-level and artificial intelligence (AI) solutions for lenders across the various spectrum of the industries,” he said in a statement yesterday.

Partner at Vertex Ventures SEA & India, Carmen Yuen said financing gap is still very apparent in Southeast Asia.

Citing McKinsey Global Institute’s data, she said there is aU $175 billion gap in the small and medium enterprise financing.

“Given the limitation of talent and time to market, these businesses are better off leveraging TurnKey’s platform and focus on providing the loans.

“It was with this conviction that we invested in the company and continue to support them,” she added.

TurnKey, founded by global technology leaders Dmitry Voronenko and Elena Ionenko are servicing clients across 27 countries.

It offers AI-powered lending business automation technology with advanced credit scoring, decision automation and loan management for various types of lenders from peer-to-peer micro finance to global financial institutions. - Bernama