Finda, a fintech startup specializing in loan brokering and management, has successfully secured 47 billion won (36 million USD) in Series C investment from JB Financial Group and 500 Global. This comes exactly 2 years and 6 months after a Series B investment of 11.5 billion won (8.9 million USD) in January 2021, with participation from Kia and 500 Global’s main fund. The cumulative investment in Finda now stands at an impressive 64.4 billion won (50.3 million USD).
In the past year alone, Finda brokered loans worth 4 trillion won (3.1 billion USD), with 1 trillion won (781 million USD) executed specifically for refinancing purposes. The company’s total accumulated loan brokerage amount has surpassed 7 trillion won (5.4 billion USD), and Finda users’ total registered loan management has reached a staggering 70 trillion won (54 billion USD).
JB Financial Group participated in this Series C round as a strategic investor (SI). The fintech firm has been collaborating with Jeonbuk Bank, a JB Financial Group subsidiary, since 2020, initiating a successful partnership with a non-face-to-face credit loan product. Strengthening collaboration with fintech in various directions, JB Financial Group plans to expand its partnership business further by jointly developing competitive non-face-to-face products and alternative credit rating models with Finda.
As part of this investment, JB Financial Group will acquire a 15% stake in Finda. The acquisition method entails JB Financial Group investing 5%, while Jeonbuk Bank will invest 10%. Finda’s strategic approach includes purchasing some of JB Financial’s shares, forming a ‘Fintech-Financial Group Alliance,’ and expanding into new business areas to compete with Big Tech and commercial banks.
Additionally, 500 Global, an existing investor, has provided follow-up investment to Finda. With a diverse portfolio, 500 Global has invested in companies like Credit Karma, which was acquired by Intuit for approximately 8.5 trillion won (6.6 billion USD), Mexican fintech unicorn Clip, and African fintech unicorn Chipper, among others. Their continued support reflects their confidence in Finda’s growth potential and contribution to the global fintech market.
With the influx of new funds, Finda plans to develop home mortgage loan repayment, deposit, and insurance comparison and brokerage services, which are slated to launch soon. Moreover, the company intends to enhance its platform businesses, including the establishment of AI-FDS (Fraud Transaction Detection System) and Findas Core, a specialized CSS (Alternative Credit Rating Model).
Lee Hye-min, co-CEO of Finda, expressed enthusiasm about the future, stating, “As we’ve witnessed successful partnerships between fintech companies and financial institutions overseas, we aim to set a positive precedent in Korea as well.”
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- FinTech startup InfoPLUS aims for global growth with its financial API platform
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