Tima, a Vietnamese fintech company with a large P2P lending network, announced today it is beginning the process of raising a Series C investment round.
Upon completion, this late-stage round would be a big deal for the Vietnamese ecosystem. It would mark another successful late-stage investment after Topica raised a US$50 million Series D in November.
Tima raised a US$3 million Series B round in October that valued the startup at around US$20 million.
In 2016 it raised a Series A round from Dunearn Singapore Fund and G Capital.
The company also announced it has appointed John Donovan, the former COO of LendingClub, to its Board of Advisors. LendingClub is an American P2P lending company that has facilitated US$46 billion worth of transactions since its inception in 2006.
“As consumers go online around the world, they look to access financial services in a more efficient and fair way. I look forward to working on the Board of Tima to help this happen in Vietnam” said Donovan in an official statement.
Tima claims to have over 30,000 lenders on its platform and nearly 2.8 million borrowers.
For lenders, Tima uses bank accounts at Nam A Bank to hold and manage the money they are willing to lend. Borrowers use this avenue to pay off their debts.
A partnership with VietinBank helps Tima manage financial risk on its platform. VietinBank uses its insurance service help borrowers pay off loans if they run into unforeseen financial trouble.