Tera Funding, a leading real estate P2P lending company in Korea, announced that it has secured KRW10bn (approx. US$9.3M) through its series A funding round from Woori Bank, Atinum Investment, SBI Investment and Premier Partners on 8 January 2018.
This is the largest single series A investment for Korean P2P lending start-ups, and this comes as a pleasant surprise for the industry as such decision to invest in Tera Funding was made after a thorough due diligence amid general public’s increasing worries about the industry with rising defaults and arrears mainly incurred by late-comers who take riskier approach.
The company has previously raised KRW 1.25bn from angel investors and South Korea-based venture capital firm, Bon Angels Venture Partners, in early 2016 for their seed round. This series A round made their total received investment amount at around KRW 11.2bn.
Tae-young Yang, CEO of Tera Funding, stated, “We have been very committed to risk management from the beginning of our business three years ago as protecting investors’ interest is one of the most important value we pursue. As we successfully secured series A investment, we will be able to further our vision and focus on finding new talents in real estate, finance and IT sectors to improve our loan evaluation system as well as risk management process to retain our position as no. 1 in real estate P2P lending industry.”