Cambodia-based private equity firm Belt Road Capital Management (BRCM) has invested $3 million into Tima, a Vietnam’s financial marketplace and peer-to-peer (P2P) lending platform.
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The capital will be used to fuel Tima’s expansion in the region, the company said.
As part of the deal, Witt Gatchell, senior investment manager at BRCM, will join Tima’s board of directors.
“We are very excited to be investing in Tima as Belt Road Capital Management’s first investment in Vietnam.
“With Tima’s strong management team and presence in the market, we believe that the company has tremendous opportunity for growth,” Mr Gatchell said in a press statement released Monday.
Tima will use the additional funds to finance its expansion in 63 Vietnamese cities as well as invest in technology and staff training.
With a mission to connect borrowers and lenders quickly and conveniently through financial technologies, Tima now has more than 20,000 lenders and over two million borrowers on their platforms.
The company used artificial intelligence technology developed in-house to build its credit scoring system, which allows lenders to filter out attractive borrowers.
In April 2018, Tima was named one of the top 10 software and IT services company in Vietnam by the Vietnam Software Association (Vinasa).
Earlier this year, BRCM announced the acquisition of a 40 percent stake in locally-owned Sabay Digital Corporation. In January, BRCM invested $1.8 million into Digital Classifieds Group (DCG), the company behind Realestate.com.kh, Cambodia’s leading property portal and marketing agency.