Miguel Cordon · · 2 min readKorean lending startup secures $35m in debt, equity financing
South Korea-based peer-to-peer lending startup PeopleFund secured US$35 million as an extension to its series B financing round. The influx was led by Lending Ark Asia Secured Private Debt Fund, a secured private credit strategy of Hong Kong’s CLSA Capital Partners.
The PeopleFund team during “Bring Your Child to Work Day” / Photo credit: PeopleFund
The investment by Lending Ark was composed of secured debt and equity financing. The latter extended the Kakaopay-led US$11 million series B round announced in October of last year, bringing total equity raised to date to about US$21 million.
PeopleFund also said that the US$30 million in debt financing will be used to scale its operations.
In addition to the investment, Lending Ark took a minority equity stake in PeopleFund.
New and existing investors, including securities brokerage and investment banking company Shinhan Invest and impact investment intermediary D3 Jubilee, also participated in the round.
The company also announced that it has appointed John Chang, Gregory Park, and Sam Rhee as new advisors to provide strategic counsel for its plans to expand beyond Korea.
Chang currently serves as general partner at Access Ventures, while Park serves as managing director and fund head of Lending Ark at CLSA Capital Partners. Rhee is currently CEO of investment company Voveo Capital. Lending Ark managing director Carol Lee Park is also joining PeopleFund’s board.
Editing by Dante Gagelonia
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