The round, which included USD 8 million in equity and USD 5 million in debt financing, was led by North Atlantic Capital, with participation from existing investors DFJ, Updata Partners, Gotham Ventures, and TTV Capital.
The company intends to use the funds to expand its services and staffing, to grow its regional office in Cincinnati, Ohio and expand its account development and sales teams.
LendKey provides a lending-as-a-service solution for traditional financial institutions to launch digital lending businesses and manage the process, which includes demand generation, online decisioning, loan origination, customer service and balance sheet management.
The company currently serves banks and credit unions including Navy Federal, McGraw-Hill Federal Credit Union and WSFS Bank helping lenders conduct loan programs in the private student loan, student loan refinancing, auto and home improvement loan asset classes.
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