Behind the £49M Raise: How Lenkie Is Powering the Next Generation of UK SMEs

Behind the £49M Raise: How Lenkie Is Powering the Next Generation of UK SMEs

Fresh off a £49 million Series A raise, Lenkie is scaling fast—and staying laser-focused on its mission: closing the £22 billion funding gap holding back UK small and medium-sized businesses.

We sat down with co-founder and CEO Sanjeev Jeyakumar and co-founder and CTO Nnaemeka Obodoekwe to go behind the scenes of their journey—from launching during COVID to building a product SMEs genuinely need, and how they’re scaling a team (and an office) with intention.

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From EF to COVID: How Lenkie Got Its Start

Sanjeev Jeyakumar started his career structuring credit at Citi. But after co-founding a marketplace for SMEs, one problem kept surfacing: “Access to capital was always the biggest blocker—friction-filled and time-consuming.”

Together with co-founder Nnaemeka, who brought deep technical expertise from building banking software and data-driven systems, the two met at Entrepreneur First in late 2020. “EF gave us the right conditions—focus, structure, and the chance to meet outside our usual circles. We wouldn’t have started Lenkie without it,” Sanjeev says.

The team formally launched in early 2021, mid-pandemic. While COVID created economic uncertainty, it also reduced distractions: “Being heads-down helped us understand the problem better. We focused on building the right solution, not just a product.”

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Scaling from Zero to £70M in Loans

Fast forward to 2025—Lenkie has now deployed over £70 million in funding to hundreds of SMEs across the UK, enabling payments to over 2,000 suppliers. From manufacturers to logistics companies, Lenkie is backing the builders most banks overlook.

“We’re obsessed with solving a real problem, not chasing trends,” says Nnaemeka. “That focus has kept us steady through hype cycles, whether it’s Web3 or AI.”

The team hit profitability in 2024 and recently closed a £49M Series A, combining £4M equity and a £45M debt facility from a US private credit fund.

The goal now is to deploy £100 million in SME funding over the next 12 months.

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How They Built It: Lessons & Advice for Other Founders

• Talk to customers early, often, and repeatedly. Lenkie’s early traction came not from writing code, but from customer interviews.
• Build around the problem, not the tech. “Great tech that doesn’t solve a real problem? That’s a science project—not a business.”
• Negotiate smart. Sanjeev points to negotiation training as a surprisingly impactful resource—especially when navigating investor discussions, valuations, and terms. It was a course made available through Techspace, and one that came at the right time. "It gave structure to something that’s usually instinctive. Understanding the theory behind the moves gave me a sharper edge when the stakes were highest."
• Be intentional about your co-founder dynamic. "You’re effectively in a high-stakes marriage," Sanjeev adds. "Shared vision is important—but so is mutual respect and clearly divided responsibility."
• Celebrate the small wins. “There will be lots of lows. You need to recognise the highs when they happen—and let those carry you through the dark days,” says Nnaemeka.

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What’s Next: Awareness, Distribution, and Embedded Finance

With this funding, Lenkie is focusing on awareness and access—particularly for underserved sectors like construction, retail, and manufacturing.

“Most of our customers aren’t hanging out on Twitter or at demo days,” Sanjeev shares. “We’re doubling down on direct channels, brokers, and embedded finance—meeting them exactly where they do business.”

They’re also growing their team – with 21 people across London and offshore hubs, scaling sustainably has been key.

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Making the Office Work, Literally

From two founders in a Techspace hot desk to a growing team in a private office, Lenkie’s workspace setup has evolved with intention.

“We’re in-office three days a week—Monday, Tuesday, Thursday—and remote the rest. But we’ve made the office somewhere people want to be,” says Sanjeev.

Their secret sauce: 

• A stocked snack cupboard and fridge (!)
• High-spec equipment for every team member
• Clear communication rituals for hybrid collaboration

Techspace’s flexibility has helped them scale at their pace: “From hotdesks to private offices, the transitions were seamless. And the energy in the building—being surrounded by other ambitious teams—makes a difference.”

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