HonestFund, a Korean fintech startup, announced on Wednesday it secured $12 million through its Series B funding round, which featured investments from Dunamu & Partners, MurexPartners, KB investment, TL Asset Management, Bass Investment, and HB Investment. HonestFund total investment amount is now $21 million.
Founded in 2015, HonestFund provides individuals and institutional investors access to alternative investment opportunities across a wide range of asset classes, such as residential/commercial real estates, infrastructure financing, and unsecured personal loans. The Series B round comes just two years after Shinhan Bank, the largest commercial bank in Korea, invested equity in HonestFund. In its Series A round, HonestFund reportedly attracted $9 million from the financial institutions, including KB Investment and Hanwha Investment. Speaking about the investment round, HonestFund’s CEO, Sanghoon Seo, stated:
“I believe sharing our vision and finding collaborative opportunities with the top investment firms is extremely valuable. HonestFund will continue to be a technology-based finance platform that innovates the financial industry by getting rid of high-interest loans for borrowers and offering attractive investment opportunities for investors. HonestFund will be at the forefront in brining disruptive innovation to the financial industry in the midst of the ongoing big data revolution.”
Director Ji-seong Oh of Murex Partners, went on to add:
“HonestFund is one of the best Fintech companies we can find in the market that is blurring the line between finance and technology. We made our investment decision based on the belief that HonestFund has possessed unrivaled capabilities and vision that will use technology to solve the biggest problems in both the distorted lending and unattractive investment market in Korea.