Terafunding, a Seoul, South Korea-based Peer-to-Peer (P2P) lending platform, raised US$18M in Series B funding.
Backers included KB Investment, Hana Ventures, IBK Industrial Bank and Woomi Construction.
The company intends to use the funds to acquire talent from the real estate, finance, and IT sectors while working to accelerate its advancement on project screening systems and risk management processes.
Founded in early 2015, Terafunding is a real estate focused P2P lending platform focusing on providing reasonable financing solutions for local developers who have limited access to development loans from the financial institutions, forcing them to rely on private financing with high interest rates that are often over 30% per annum.
As of July 31, the company has originated more than US$700 Million in cumulative basis, and fully repaid around US$500 Million.