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Fintech company Fennech secures £2 million seed funding from Lloyds Banking Group
Lloyds Banking Group has invested £2 million in Fennech, a Next-Gen corporate banking platform for financial institutions and corporates.
Fennech uses artificial intelligence (AI), machine learning and business rules with cloud-based technology, to automate businesses’ finance, treasury, and payments processes in real-time. Its autonomous platform acts as a bridge between businesses and the banking industry, giving customers access to a single, seamless platform that automates and manage their accounts, payments, funding, and liquidity across numerous banking partners.
Emmanuel De Rességuier, CEO of Fennech, said: “Lloyds Banking Group’s support means we can accelerate our growth plans and we are immensely excited about that. The funding will enable us to continue developing the best possible products and services with advanced technology and digitalisation. We look forward to the next chapter in our journey.”
Kirsty Rutter, Director of Fintech Investment at Lloyds Banking Group said: “Our investment in Fennech forms part of our commitment to supporting the fintech ecosystem in the UK and expanding our client capabilities through the use of cutting-edge technology. Fennech’s approach to helping businesses simplify complex processes is incredibly innovative, and we’re excited about how their business and solutions will evolve to meet the needs of our corporate and institutional banking clients in the future.”
The investment in Fennech is Lloyds Banking Group’s most recent strategic investment of 2023, following a successful round of investments in 2022. These investments are headed up by the Group’s Fintech Investment team, which focuses on identifying and exploring opportunities for investment into fintech at Seed to Series B.
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