Vietnam-based fintech startup Tima has today announced that it has raised $3 million in its Series B funding round from private equity fund Belt Road Capital Management (BRCM). With this new funding round, the company’s valuation is set closer to $20 million.
As a part of this new round, BRCM Senior Investment Manager Witt Gatchell will also join the company’s board of directors. The newly infused capital will be used by the company to support its expansion plan to enter 63 more cities in Vietnam, as well as to invest more in tech development and talent acquisition.
Cong Tran, co-founder and board member of the company, said in a statement:
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.
Tima, which was founded in 2015, is a consumer finance marketplace and peer-to-peer (P2P) lending platform. The company says that it currently has 23,775 lenders and 2.1 million borrowers on the platform, and has recently secured a partnership with Vietinbank insurance arm VietinBank Insurance Corporation.