Vietnamese fintech startup Tima closes Series A funding from Singaporean investor

Vietnamese peer-to-peer (P2P) lending fintech platform Tima announced that it has secured Series A funding from an anonymous Singaporean investor, a representative of Tima revealed to DEALSTREETASIA.

Launched in 2015, the company stated that the deal was closed at a seven-figure US dollars and the amount raised will be utilized to boost the company’s growth in Vietnam. Tima has mobilized VND2.5 trillion, equivalent to US$115.45 million, from its lending partners.

“We have localized the LendingClub model so that it works for the Vietnam market. We have shown investors our business verticals and licenses for these activities in Vietnam. They work properly,” a co-founder of Tima, told DealStreerAsia. The person addressed the legal environment for P2P lending in the country.

Fintech has started to emerge as one of the most pressing verticals for startups and investors in Vietnam. The fintech sector is fueled by the increasing mobility yet unbanked population in the country.

The company claims to be the first fintech startup to successfully operate P2P lending in Vietnam. According to the KPMG and CB Insights 42 percent of the 19 fintech unicorns globally, are P2P platforms.