Vietnamese startup scores series A to give people easy access to loans

Photo credit: Jerick Parrone.

Banks have historically handled most consumer and business lending. But since they take a very black or white approach to loan applications, a lot of borrowers – with bad or no credit history – get denied. The process also takes a long time. That’s why people turn to non-traditional avenues like peer-to-peer lending platforms. One such platform operating out of Vietnam is Tima, which has secured a “seven-digit” funding round from an unnamed Singaporean fund.

Tima uses algorithms that pull people’s credit scores and analyze data from their social media accounts to determine their creditworthiness, then matches them with lenders.

Tima now has over 960 lenders on its platform, which has seen more than 2 million transactions since it was created in July last year. Total money lent on Tima is pegged at around US$115 million. The startup charges lenders a fee for every successful transaction.

The company was co-founded by Cong Tran, who’s also behind Vietnamese financial comparison site BankGo.

We’ve contacted Cong for more information on the startup’s operations and its funding and we’ll update this piece when we hear back.

This post Vietnamese startup scores series A to give people easy access to loans appeared first on Tech in Asia.

from Tech in Asia https://www.techinasia.com/tima-vietnam-series-a-funding
via IFTTT