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Jum Balea · · 1 min readIn brief: P2P lender PeopleFund raises $11m from Kakao, 500 Startups, more
PeopleFund, Korea’s fast-growing financial technology platform that connects borrowers and investors, has secured US$11M in series B funding.
The funding was led by KakaoPay, a subsidiary of Kakao that allows payments within Korea’s popular chatting app, KakaoTalk.
Returning investors included Dayli Financial Group, 500 Startups, and D3 Jubilee.
Source: Press release
PeopleFund claims to be the first peer-to-peer lending platform in Korea to fully integrate with a major commercial bank to process personal and business loans.
The startup says it will use the fresh capital to upgrade its automation processes and credit analysis models as well as hire top talent.
The latest round brings PeopleFund’s total funding to nearly US$17 million.
Editing by Eileen C. Ang
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