South Korea-based peer-to-peer lending startup PeopleFund secured US$35 million as an extension to its series B financing round.

The influx was led by Lending Ark Asia Secured Private Debt Fund, a secured private credit strategy of Hong Kong’s CLSA Capital Partners.

The investment by Lending Ark was composed of secured debt and equity financing.

The latter extended the Kakaopay-led US$11 million series B round announced in October of last year, bringing total equity raised to date to about US$21 million.

PeopleFund also said that the US$30 million in debt financing will be used to scale its operations.

In addition to the investment, Lending Ark took a minority equity stake in PeopleFund.

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