SME financing platform Lenkie raises £49m in mix of debt and equity
Cashflow management start-up Lenkie has secured £49 million in a mix of debt and equity through a Series A funding round led by “a large US private credit fund”.
Lenkie founders Sanjeev Jeyakumar (left) and Nnaemeka Obodoekwe (right)
The funding includes £4 million in equity financing and a £45 million debt facility, and will be used to “transform the way growing UK businesses access capital”, according to a company statement.
“Growing businesses face the challenge of having to spend money in order to make it; footing the bill for stock, subcontractor payments, and equipment before a product is even sold,” the company says.
Founded by CEO Sanjeev Jeyakumar and CTO Nnaemeka Obodoekwe, Lenkie’s transaction-based payables financing platform leverages proprietary underwriting technology and real-time performance data to provide SMEs access to instant working capital to pay suppliers upfront, enabling companies to secure the resources they need to grow.
The company claims to have provided over £70 million to businesses since launching operations in 2021, funding payments to 2,000 suppliers across 40 countries.
Jeyakumar, a former Citigroup credit trader, says that by levering data and technology to finance specific transactions, Lenkie is “creating a new model of financial inclusion that aligns with how modern businesses operate and grow”.
Lenkie, based in London, UK, plans to use the funding to “enhance its data-driven underwriting models”, expand its partnerships, and “explore new markets”, the company says.
