SEOUL, South Korea, Jan. 23, 2018 /PRNewswire/ --
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.
It 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.
Investors were impressed by Tera Funding's sound track record which showed its ability to manage risk without sacrificing its exceptional growth rate with the firm's proprietary loan evaluation model for small and medium-sized real estate projects.
As an industry pioneer, Tera Funding has achieved a record of KRW 240.8bn in total loans originated along with total amount returned to individual investors standing at KRW 136.9bn. These figures were accompanied with average rate of return at 12.45% and arrears standing at 0.34% with 0% in default rate as of 31 December 2017.
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.
Lead investor, Atinum Investment, has decided to invest into Tera Funding for its vision to resolve issues surrounding real estate financing while leading the P2P lending industry to shift paradigm in how people invest and finance for their home.
Also, Woori Bank, one of the four leading banks in Korea which has been trying to enhance its fin-tech capabilities, decided to invest in Tera Funding to extend its boundary to rapidly growing P2P lending industry.
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."
CONTACT:
Tera Fintech Co. Ltd.
+82-(2)-582-2558
E-mail: help@terafunding.com
146, Teheran-ro, Gangnam-gu, Seoul, Republic of Korea
