Korean fintech startup Finda raises KRW 47 billion in Series C funding from JB Financial Group and 500 Global
South Korean fintech startup Finda has successfully secured KRW 47 billion in Series C funding from prominent investors JB Financial Group and 500 Global.
Finda specializes in loan mediation and management services and has established partnerships with 68 companies to offer loan mediation products. In the year 2022 alone, Finda facilitated loans totaling KRW 4 trillion, out of which KRW 1 trillion was directed towards loan refinancing. In its history, Finda has successfully mediated over KRW 7 trillion in loans, with users registering loan management worth more than KRW 70 trillion.
The Series C funding round was spearheaded by strategic investor JB Financial Group. The collaboration between Finda and JB Financial Group began in 2020 when they partnered with Jeonbuk Bank to provide non-face-to-face credit loans. With the intention of expanding their cooperative efforts, JB Financial Group aims to develop competitive non-face-to-face products and alternative credit evaluation models in conjunction with Finda, aligning with their focus on strengthening collaborations with fintech firms.
Under the current arrangement, JB Financial Group will invest 15% in Finda, with JB Financial Group holding 5% and Jeonbuk Bank holding 10%. Additionally, Finda intends to purchase a portion of JB Financial Group’s shares, forming a “fintech-financial group alliance.” This alliance seeks to establish a formidable presence in the market to challenge major tech companies and commercial banks.
Furthermore, Finda has also received follow-up investment from its existing investor, 500 Global. Having previously participated in Finda’s seed investment and Series B investment, 500 Global has a track record of investing in successful fintech unicorns around the world, including Credit Karma in the United States.
With the newly acquired funds, Finda’s plans include investing in the development of its platform business, which encompasses the creation of services such as mortgage loan refinancing and deposit and insurance comparison and mediation. The startup also intends to focus on building an AI-driven abnormal transaction detection system (AI-FDS) and refining Findascore, a specialized alternative credit evaluation model.
Lee Hye-min, CEO of Finda, expressed optimism about the investment’s potential impact, stating, “We believe that by establishing partnerships through equity investment, as seen in various cases of fintech and financial companies growing together abroad, we can set a positive precedent in Korea. We are committed to delivering more specialized and differentiated financial services and products to the market and enhancing customer benefits.”
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