Honest Fund is a P2P enterprise based on financial technology. It was announced on the 20th that Honest Fund received 6 billion won of investment from KB Investment, Hanwha Investment, Shinhan Capital, and other investors.
Honest Fund was the first financial P2P enterprise to receive 1 billion won of investment from Shinhan Bank last year, and the company made headlines when it received a total of 3.2 billion won in investment last year. Counting this year’s investment, Honest Fund has received a total of 9.2 billion won in investment.
Honest Fund, founded in Feb 2015, is a P2P internet-based financial enterprise that connects borrowers and investors. Honest Fund has become a pioneer leading the Korean P2P personal credit market. High-interest loans have become a major social issue, however Honest Fund uses a different personal credit review model and reasonable repayment structure, providing a mid-level loan service with a reasonable interest rate of 3.83%-17.48% to individuals with medium credit ratings (credit rating from Lv 4 to Lv 6). In order to conform to the trend of low-interest loans, Honest Fund also provides 100 diversified investment securities with 10% estimated interest per month (before tax) to investors who can’t find realistic investment opportunities and is deemed a stable investment with high interest.
This is a meaningful investment among top domestic financial enterprises. The reason for investment is the technological strength and future value of Honest Fund.
KB Investment, the leader of this investment, has stated that, after launching its service, Honest Fund will build on its tech strength based on its unique human resources, becoming a financial brand trusted by consumers.
The service will be used in expanding financial business, improving venture management, and data technology development.
Honest Fund representative Seo Sanghun stated that, compared to capital accumulation for expanding business, “this investment means we are the only P2P financial enterprise that is recognized by financial organizations. We won’t let investors and customers down. Honest Fund will grow into a professional Korean financial technology enterprise.”