Vietnam-based financial services and peer-to-peer (P2P) lending company Tima has secured US$3 million in a Series B round led by Belt Road Capital Management, which it will use to grow its footprint across Vietnam, further develop its technology offerings, and increase hiring efforts, according to E27 today. It’s currently valued at US$20 million.
Founded in 2015, Tima operates two platforms — an online marketplace where consumers can purchase financial services, and a P2P lending platform where people can apply for loans. The firm claims to have more than 23,000 lenders and 2.1 million borrowers, facilitating more than US$1.7 billion in loan transactions.
According to Tech in Asia, Tima’s P2P lending platform runs on a “freemium model” by providing lenders with basic services for no charge, but a suite of additional services for a cut. Such additional services can include disbursement and debt collection.
The firm has developed its own credit scoring system and will be spending more money and effort in expanding data sources. This can be done via partnerships with telecommunication companies, insurance firms, utility providers and so on. It has already established a strategic partnership with VietinBank Insurance Corporation.
Tima had raised its Series A round in December 2016 from Dunearn Capital and G Capital. Tran added in a statement that the firm could potentially go ahead with raising a pre-Series C round right after this latest injection of funds as the company is currently in talks with “several big funds”.
— Vietnam is home to an increasing number of P2P lenders looking to jump on the fintech bandwagon by offering loans to consumers who might otherwise find it challenging to procure such capital. Other Vietnamese online lenders include VayMuon, Lendbiz, and LoanVi.
— The unbanked in particular might not have established credit scores, which deter banks and other financial institutions from lending money to such individuals. However, regulators have yet to come up with a strict framework for this industry to ensure transparency and accountability within fintech companies.
Editor: Nadine Freischlad
Tencent-backed Kuaishou becomes third major short-video app to allow longer contentTencent-backed Kuaishou becomes third major short-video app to allow longer content
Chinese tech giants including Alibaba and Tencent collaborate on alert system to find missing childrenChinese tech giants including Alibaba and Tencent collaborate on alert system to find missing children
Tiki’s chief business officer on winning Vietnamese e-commerce consumersTiki’s chief business officer on winning Vietnamese e-commerce consumers
Nguyen Thi Ngoc Huyen of Medlink on reducing drug distribution costs: Startup StoriesNguyen Thi Ngoc Huyen of Medlink on reducing drug distribution costs: Startup Stories
James Prananto of Kopi Kenangan on promoting Indonesian coffee: Startup StoriesJames Prananto of Kopi Kenangan on promoting Indonesian coffee: Startup Stories