Singapore-based startup Turnkey Lender raises funding to automate loans management
Turnkey Lender is a platform that allows companies to generate credit score automatically and handle their loans online. The company enables new lenders to make more informed loans by making use of machine learning and data analysis. The digitization of data and services creates a seamless process for both lenders and borrowers.
Niche and unattended consumer groups are now the focus for many fintech startups. Qonto believes that business banking needs to change. By bringing the whole process online, SMEs that apply for Qonto’s business bank account have access to numerous virtual/physical credit cards. The digitization of the credit cards allows the owner to keep track of transactions and block/unblock cards.
Mobile banking is on the rise. Some significant changes in mobile banking are an increase in transfer between individuals/own accounts by 13% and an increase in mobile payments by 11%. The prime reason for the upwards trend of mobile banking is largely due to improved banking applications and the emergence of branchless challenger banks.
Jeff Greenslade, CEO of Heartland Bank, mentioned that “the future of banking is definitely about looking forward and either emulating FinTechs or collaborating with them”. Heartland Bank has partnered with 3 FinTech leaders to meet the customer’s needs by providing online lending solutions. Additionally, Spotcap’s Lachlan Heussler believes that technology should be customized to consumer’s convenience and believes that the availability of open data would level the playing field for Fintech firms.