LendKey, a Cincinnati, OH- and NYC-based lending-as-a-service solution for banks and credit unions, raised $13m in Series C funding.
The round, which included $8m in equity and $5m 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.
Led by Vince Passione, chief executive officer, 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 hundreds of 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.