Vietnam: P2P lending startup Tima gets funding from Singapore investor

Vietnamese P2P lending startup Tima has closed a US dollar 7-figure series A funding from a Singapore fund to accelerate service growth in the local market, a senior executive of the company told this portal.

Launched in 2015, the platform has seen cumulative money from its lender partners reach over VND2.5 trillion ($115.45 million).

Tima has been working with 967 lenders who are financial units, investors and credit institutions. To date, more than two million cumulative transactions have happened via its platform.

“We have localised the LendingClub model so that it works for the Vietnam market. We have shown investors our business verticals and licenses for these activities in Vietnam. They work properly,” a co-founder of Tima, told DEALSTREETASIA, addressing the legal environment for P2P lending in the country.

About 80 per cent of loan seekers based in Vietnam do not have prompt access to financial services, says a World Bank report. P2P lending, still a fledging business in the country, is said to be a solution in addressing this gap.

In Vietnam, fintech has started to emerge as one of the most favourite verticals for startups and investors, fueled by the increasing mobility yet unbanked population in the country.

Tima claims to be the first fintech startup to successfully operate P2P lending in Vietnam.

Globally, 42 per cent of the 19 fintech unicorns are P2P platforms, according to KPMG and CB Insights.

A spate of Vietnamese fintech startups have secured venture capital funding this year, including e-wallet MoMo ($28 million from Standard Chartered Private Equity and Goldman Sachs), OnOnPay ($800,000 from Gobi Partners and others) and BankGo.

Business models have also diversified to personal finance, crowdfunding to virtual currency, even as e-payment still dominates.

Money Lover, an app that allows users to track their finance information, was also recognized as the best disruptor in 2016 by the Ricebowl Startup Awards.

Also read:

Vietnamese fintech app MoMo raises $28m from StanChart PE, Goldman Sachs

Gobi leads $800K funding in Captii-backed Vietnamese fintech OnOnPay

Vietnam: Loan comparison platform BankGo raises seed funding

Vietnam poses long-term opportunities for nascent fintech industry

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.