April 20, 2024

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[THE INVESTOR] Honest Fund, a peer-to-peer personal loans and investment services provider, said on Dec. 3 it has raised 12.2 billion won (US$10.91 million) in Series B funding led by Dunamu & Partners and Murex Partners. 

Hanwha Investment & Securities and KB Investment who had earlier funded the firm joined the latest round, as well as TL Asset Management, Bass Investment and HB Investment. 

This brings the Seoul-based startup’s total funding so far to about 21.4 billion won. In 2016, Honest Fund secured Series A investment of 6 billion won from KB Investment, Hanwha Investment & Securities and Shinhan Capital. 

With the latest injection, the firm said it will enhance its services through differentiated big data, artificial intelligence technology development and recruiting, to speed up its business in a bid to become an all-in-one investment platform. 

“We strive to become Korea’s leading alternative investment platform and a technology-driven financial firm that keeps innovating the loan sector,” said founder and CEO Seo Sang-hoon. 

Murex Partners, which has also invested in Yanolja, said it decided to invest in Honest Fund for its potential of innovating the lending segment in Korea. 

Honest Fund, established in 2015, provides individuals and institutional investors alternative investments and lending services across a wide range of asset classes, including real estate, infrastructure financing and unsecured personal loans, among others.

By Ahn Sung-mi (sahn@heraldcorp.com)