In brief: Vietnamese P2P lender Tima signs LendingClub co-founder

Vietnam’s financial marketplace and peer-to-peer (P2P) lending platform Tima just had LendingClub’s former chief operating officer (COO) John Donovan join its board of directors and has started raising series C funding.

“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.

Source: Tima

US-based LendingClub is considered a pioneer among online P2P lending platforms, originating nearly US$42 billion in loans to date. The company raised US$1 billion when it debuted on the New York Stock Exchange in 2014, making it the biggest US tech IPO that year.

Donovan co-founded LendingClub in 2007, serving as the company’s COO until 2011 and then as executive vice president of development before departing in 2012.

He previously worked at Mastercard, where he was vice president of global product development. He is currently CEO of US operations for Shanghai-based fintech company Wheat Financial.

Tima said that it is in the midst of its series C round, aiming to secure capital for operational improvements, network expansion, and research and development.

Late last year, the startup raised US$3 million in a series B round led by Belt Road Capital Management. Tima has signed partnerships with financial institutions, including VietinBank and Nam A Bank, and claims to have disbursed about US$1.7 billion in loans to 2.8 million borrowers.