HonestFund Raises Series B Investment from Dunamu & Partners, Murex and More
HonestFund, one of the largest marketplace lending players in South Korea announces that it raised $12 million Series B investment from Dunamu & Partners, Murex Partners, KB Investment, TL Asset Management, Bass Investment and HB Investment. The newly raised capital will be used in developing AI capabilities and recruiting top talents in the industry. The latest investment will bring the total investment to $21 million, making it one of the most valuable Fintech companies in South Korea.
Sanghoon Seo, CEO, HonestFund, affirms, “I believe sharing our vision and finding collaborative opportunities with the top investment firms is extremely valuable. HonestFund will continue to be a technology-based finance platform that innovates the financial industry by getting rid of high-interest loans for borrowers and offering attractive investment opportunities for investors. HonestFund will be at the forefront in brining disruptive innovation to the financial industry in the midst of the ongoing big data revolution”.
Founded in 2015, HonestFund is a marketplace lender in Korea with more than $300 million cumulative loans. It uses a proprietary credit assessment model based on big data to provide lower interest rates to individuals and corporates. In the third quarter of 2018, company saw Q/Q growth rate of 400 percent and it aims to build a health and sustainable lending ecosystem in Korea.
Dunama & Partners is an investment arm of Dunamu and it invests in startups with innovative products, services, and technologies that have the potential to greatly improve people’s daily lives. It also plans to further collaborate with HonestFund to bring innovative financial services to the market. Previously, HonestFund has attracted more investments ($9 million) from other leading financial institutions namely, KB Investment and Hanwha Investment.
“HonestFund is one of the best Fintech companies we can find in the market that is blurring the line between finance and technology. We made our investment decision based on the belief that HonestFund has possessed unrivaled capabilities and vision that will use technology to solve the biggest problems in both the distorted lending and unattractive investment market in Korea”, comments, Ji-Seong Oh, Murex Partners.
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