Vietnam's financial marketplace and P2P lending platform Tima raised $3m series B funding round from Belt Road Capital Management (BRCM), a Greater Mekong-focused private equity fund at near $20 millions valuation, the firm announced on Monday.

Tima is having 23,775 Lenders and 2,133,405 Borrowers on their platforms, it said in a statement. In April 2018, they were awarded as one of the top 10 software and IT services company in Vietnam by Vietnam Software Association (Vinasa).

“We received higher investor demand from top financial investors and strategic investors in this round. We may have a pre-series C funding round right after this series B, our Board is considering this proposal from several big funds and open to investors who can add values to company for the ambitious growth and expansion” Tima Cofounder & Board member Cong Tran said.

Tima founded in 2015 and received Series A investment from Dunearn Singapore Fund and G Capital in 2016. Tima is the leading consumer finance marketplace and P2P lending platform in Viet Nam with various financial products. According to Tima, the new funding would be used for their growth in 63 cities in Vietnam, to invest more for technologies and talents with their mission is to connect Borrowers and Lenders quickly and conveniently by financial technologies.

As part of the investment, Witt Gatchell, Senior Investment Manager of Belt Road Capital Management, 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.” said Witt in an official press statement.

Though enjoying exponential growth over the last few years with US$47.84bn consumer loans outstanding registered by end of 2017 according to data from Banking Strategy Institute under the State Bank of Vietnam and StoxPlus, the consumer finance market in Vietnam is still behind other regional peers and has room for development.

Belt Road Capital Management has also announced a $4 million investment in Unnitel, Asia-based mobility virtual network provider. In January 2018, BRCM invested $1.8 million in Australia-based property portal Digital Classifieds Group. The fund also invested $7 million in Oway Group, a leading travel and taxi company in Myanmar, as part of a $14.7 million financing round. BRCM just made its latest investment in August into Cambodia leading digital publishing and entertainment group Sabay Digital Corporation for a 40% stake in the company.

This week, Tima also announced strategic partnership with VietinBank Insurance Corporation, an insurance arm of Vietinbank - one of largest banks in the country. Tima uses the services of VietinBank Insurance to ensure the safety of Borrowers. When Borrowers are unfortunately exposed to unexpected risks, VietinBank Insurance will help them pay off their loans. Solutions of VietinBank Insurance contribute to the added values for Tima and help the participants feel assured when using Tima P2P lending platform.