LendKey (formerly Fynanz), a New York City and Cincinnati-based lending technology company, closed an additional $12.5m in Series B venture funding.
Backers included new investors Updata Partners and TTV Capital, as well as existing investors Draper Fisher Jurvetson and Gotham Ventures. The new funding is in addition to the $9.5m in venture funding raised during their Series A round of financing.
The company intends to use the funds to expand its lending platform into new asset classes and accelerate the growth of its lending clients.
Founded in 2008 and led by Vince Passione, CEO, LendKey now offers cloud-based technology to provide the essential infrastructure for financial institutions or any party to efficiently lend to anyone else – from those offering loans directly to those structuring new types of loans. The company’s clients and partners, 250 financial institutions and the Credit Union National Association, have leveraged the platform for private student lending purposes to-date.