Lending-as-a-Service solutions provider LendKey has secured $13 million in Series C funding led by North Atlantic Capital. Existing investors DFJ, Updata Partners, Gotham Ventures and TTV Capital also participated. Funds are earmarked for staffing and service delivery.
The funding comes in two parts – $8 million in equity and $5 million in debt financing.
“Since LendKey’s launch eight years ago, we have experienced steady growth,” CEO Vince Passione said. “This new round of funding will help support this growth allowing us to meet the strong bank and credit union demand for our service. Traditional financial institutions are now more than ever adapting to evolving customer needs to remain competitive and better reach millennials. LendKey empowers these institutions to compete in today’s lending market by digitizing their loan businesses.”