Viet Nam’s financial marketplace and peer-to-peer (P2P) lending platform Tima has raised US$3 million in Series B funding from Belt Road Capital Management (BRCM), a Greater Mekong-focused private equity fund, Tima announced on Monday.

The latest investment valued the leading Vietnamese consumer finance marketplace and P2P lending platform at nearly $20 million. The company, which was set up in 2015, raised a Series A round in 2016 from Dunearn Singapore Fund and G Capital.

According to Tima, the new funding would be used for its expansion and growth in Viet Nam’s 63 cities and provinces, besides investing more in technologies and human resources to quickly and conveniently connect borrowers and lenders with financial technologies.

Tima’s general director Tran The Vinh said the company had received a lot of interest from foreign investment funds and companies during this investment round.

The company is also considering Series C funding proposals from several big funds and investors who can add value to the company for its ambitious growth and expansion plans.

Tima also officially announced a strategic partnership with the VietinBank Insurance Corporation, the insurance arm of Vietinbank.

It will use VietinBank Insurance to ensure borrowers’ money is safe. When borrowers are unfortunately exposed to unexpected risks, VietinBank Insurance will help them pay off loans. Solutions from VietinBank Insurance will contribute to added value to Tima and help participants feel assured when using its P2P lending platform.

Tima, which was named one of the top 10 software and IT service companies in Viet Nam by the Vietnam Software Association (Vinasa) in April, has 23,775 lenders and 2,133,405 borrowers on its platforms.

Though enjoying exponential growth over the last few years, Viet Nam’s consumer finance market still has room for development. According to the Banking Strategy Institute under the State Bank of Viet Nam and financial and business information corporation StoxPlus, Viet Nam’s outstanding consumer loans stood at US$47.84 billion at the end of 2017. — VNS