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Vietnamese fintech startup Tima today announced that it has raised a US$3 million Series B funding round from private equity fund Belt Road Capital Management (BRCM), pushing the company’s valuation close to US$20 million.

The funding will be used to support Tima’s expansion to 63 cities in Vietnam, as well as to invest more in tech development and talent acquisition.

BRCM Senior Investment Manager Witt Gatchell will also join the company’s board of directors as part of the investment.

“We received higher investor demand from top financial investors and strategic investors in this round. We may have a pre-Series C funding round right after this Series B; our board is considering this proposal from several big funds and open to investors who can add values to company for the ambitious growth and expansion,” said Tima Co-Founder & Board Member Cong Tran in a press statement.

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Founded in 2015, Tima is a consumer finance marketplace and peer-to-peer (P2P) lending platform.

It raised a Series A funding round from Dunearn Singapore Fund and G Capital in 2016.

The company said that it currently has 23,775 lenders and 2.1 million borrowers on their platform, and has recently secured a partnership with Vietinbank insurance arm VietinBank Insurance Corporation.

In addition to its investment in Tima, BRCM has also invested in Asia-based mobility virtual network provider Unnitel, Australia-based property portal Digital Classifieds Group, Myanmar-based travel and taxi company Oway Group, and Cambodian digital publishing and entertainment group Sabay Digital.

Image Credit: Tima