Vietnamese fintech platform receives fund from Singapore

Despite not revealing the name of the investor and the deal details, a representative of Tima revealed to DealStreerAsia that the deal was closed at a seven-figure US dollars and will boost the company’s growth in Vietnam.

Launched in 2015, the lending platform has mobilised 2.5 trillion VND, equivalent to 115.5 million USD, from its lending partners.

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

Tima works with 967 lenders--financial units, investors and credit institutions. More than two million transactions have been carried out on the platform.

A number of Vietnamese fintech startups have secured venture capital funding this year, including e-wallets MoMo and BankGo.

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