Lending platform LendKey has received $13m in its Series C funding round, which also included debt financing.
The company received $8m equity and $5m in debt financing. This latest round was led by North Atlantic Capital, with investments also coming from all of the company’s previous investors including DFJ, Updata Partners, Gotham Ventures, and TTV Capital.
LendKey is a cloud-based lending platform helping users find student loans, auto loans and personal loans from credit unions and community banks. The system helps with demand generation, online decision making, loan servicing and balance management.
The platform also takes care of digital invoicing, payment processing, real-time reporting electronic loan jackets, signature services, and funds disbursement. LendKey works with lenders including Navy Federal, McGraw-Hill Federal Credit Union and WSFS Bank.
LendKey CEO Vince Passione said, “Since LendKey’s launch eight years ago, we have experienced steady growth. 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.”
This capital will be used to expand LendKey’s services and staff, with plans to grow its Ohio office and increase its development and sales teams.
With the latest funding round, it brings total capital raised by LendKey to around $43m. The company’s Series B, which was led by Updata Partners, picked up $12.5m in 2013.
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