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BANKING TECHNOLOGY, LENDING & CREDIT | Luz Wendy Noble, Korea
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Finda helps on-the-go Koreans in securing loans

It offers evaluation of personal loans without having to submit hard copy of documents.

As her fourth startup, Lee Hyemin launched Finda in 2015 and gained access to South Korea’s Financial Services Commission (FSC) regulatory sandbox. This programme allows financial firms and startups to have the freedom to operate their financial services outside regulations during the time of their testing periods.

Finda is a one-stop online loan marketplace which provides information such as interest rates, loan limits, and loan repayments of Korean banks. It also offers evaluations of personal loans without applicants having to submit the hard copy of their documents through the utilisation of API connection. Aside from this, Finda is equipped to provide loan applicants to be informed about their credit ratings and recommend them the loan products that would fit their scores.

“In Korea, people cannot easily afford to pay housing rents or [to] buy a car without [aid from] lending [players], especially for [those] living in the big cities,” Lee Hyemin told Asian Banking and Finance. By making a one-stop loan marketplace based on data, we can not only reduce marketing cost, but also provide better interest rate by utilising that portion we reduced.”

Lee is positive that Finda has quite a huge market to penetrate as it has 1.9 million latent consumers, a segment that has been growing fast. The company is banking on individual consumers who have plans to apply for loans but are having a hard time to schedule a visit to their banks and are not in the mood to go through the hassle of numerous paper works. As it it will focus first on the local market, the firm has set eyes for overseas expansion only in the long term.

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