The company also hired former LendingClub COO John Donovan to its Board of Directors

Tima, a Vietnamese fintech company with a large P2P lending network, announced today it is beginning the process of raising a Series C investment round.

Upon completion, this late-stage round would be a big deal for the Vietnamese ecosystem. It would mark another successful late-stage investment after Topica raised a US$50 million Series D in November.

Tima raised a US$3 million Series B round in October that valued the startup at around US$20 million.

In 2016 it raised a Series A round from Dunearn Singapore Fund and G Capital.

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The company also announced it has appointed John Donovan, the former COO of LendingClub, to its Board of Advisors. LendingClub is an American P2P lending company that has facilitated US$46 billion worth of transactions since its inception in 2006.

“As consumers go online around the world, they look to access financial services in a more efficient and fair way. I look forward to working on the Board of Tima to help this happen in Vietnam” said Donovan in an official statement.

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Tima claims to have over 30,000 lenders on its platform and nearly 2.8 million borrowers.

For lenders, Tima uses bank accounts at Nam A Bank to hold and manage the money they are willing to lend. Borrowers use this avenue to pay off their debts.

A partnership with VietinBank helps Tima manage financial risk on its platform. VietinBank uses its insurance service help borrowers pay off loans if they run into unforeseen financial trouble.

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