Together Funding is a peer-to-peer (P2P) lending platform, mostly for real estate financing. It continued its rapid growth in 2020, with outstanding P2P loans by the platform amounting to 244.4 billion won ($223 million) at the end of December, the largest amount for any South Korean P2P lending platform. The platform also recorded the largest cumulative loan amount, with more than 900 billion won.
With eight patents and four patent filings, Together Funding has focused on developing technologies related to real estate price analysis, data analysis and cyber security. It plans to file an additional five patent applications this year.
Together Funding has partnerships with online payment firms such as Kakao Pay and Toss, offering the company greater exposure to potential customers. It also announced a partnership with Rainist, the operator of personal asset management app Banksalad, which will provide its products to users of the app.
Hana Financial Investment, Korea Investment Partners, Yuanta Investment, GNTECH and STIC Ventures are the main stakeholders of Together Funding.
Kim Hang-ju is a financial expert with almost 20 years of experience in the real estate mortgage loan market. Kim is managing director of Korea P2P Financial Association and vice chairman of Korea Fintech Industry Association. “Protecting investors is our top priority,” Kim said in several interviews with the South Korean media.
Together Funding aims to go public in 2021 to raise funds needed to become a comprehensive financial company. If it succeeds, this will be the first IPO among South Korea’s P2P platforms.
Together Funding hopes to go public by end of year to underwrite its expansion (Capital Connect, Jan 6, 2021)
Together Funding celebrates its 5th anniversary… “Cumulative loan amount of 8111 billion won.”(tekdeeps, July 20, 2020)