Marketplace lender based in South Korea PeopleFund announced that it has raised an additional US$5 million for its Series B round, continued from last year, bringing the total equity raised to date to approximately US$21 million. The Series B round last year was led by Kakaopay corp.

PeopleFund claimed to be the first “Korean marketplace lender” that has secured foreign funding. The startup also said that the US$30M in debt financing will be used to scale up its lending business.

In laymen’s terms, the company connects buyers and lenders to provide customers with more diverse financing options and lenders with an additional revenue channel.

In its official statement, PeopleFund mentioned that Korean government designates fintech as a top priority on the nation’s economic agenda. This initiative, the company believes, has helped propel growth of the marketplace lending sector.

Along with the funding, PeopleFund also appointed three new advisors that will be focussed in providing strategic counsel for the company’s expansion plans beyond Korea.

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In Korea alone, there are currently 150 marketplace lenders in Korea, in which only 50 are operational and only the top 5 players, including PeopleFund. The sector serves more than 60 per cent of the market.