South Korean Peer-to-Peer (P2P) lending platform Terafunding has closed its Series B funding round raising a total of $18m.

Following the round, local financial groups including KB Investment, Hana Ventures and IBK Industrial Bank became its shareholders.

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Additionally, residential construction company Woomi Construction participated as a strategic investor of Terafunding.

Earlier, another key Korean financial group Woori Bank joined the fintech’s Series A round.

Established in 2015, Terafunding is a real estate focused P2P lending platform. The company offers financing solutions to the local developers with limited access to conventional borrowing channels.

The P2P lending platform said that it has registered growth rate of 16% since its inception four years ago.

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On cumulative basis, it generated more than $700m in loans and fully paid approximately $500m till 31 July 2019.

With the latest funding, Terafunding plans to bolster its staff strength. It also intends to advance with the development project screening systems and risk management processes.

In a statement, Terafunding said: “Industry experts commented that the successful closing of Terafunding’s Series B round is a clear evidence that the company’s business model and growth potential are well acknowledged and appreciated by both Fin(ance) and Prop(erty) leaders, and is especially meaningful with the timely passage of the P2P bill in the National Assembly’s political affairs committee to establish adequate legal framework to regulate the industry.”