P2P Finance Company Terafunding Obtains Ministry of SMEs and Startups Inno-Biz Certification
[Asia Economy Reporter Kim Min-young] Terra Funding, a peer-to-peer (P2P) financial company, announced on the 8th that it has obtained the ‘Inno-Biz’ certification for technology-innovative small and medium enterprises, supervised by the Ministry of SMEs and Startups.
Inno-Biz is a compound word of innovation and business, referring to technology-innovative small and medium enterprises that secure competitiveness based on technological superiority. Companies must satisfy both the technology innovation evaluation criteria and the on-site inspection evaluation by the Korea Technology Finance Corporation, placing more importance on future growth potential than past performance. Inno-Biz certified companies can receive various support benefits from the Ministry of SMEs and Startups in areas such as finance, taxation, research and development, and recruitment.
Founded in 2014, Terra Funding is recognized as a leading company in the industry that successfully established P2P financial services in Korea, connecting investors and borrowers who could not enjoy the benefits of traditional financial institutions. It enabled anyone to invest in real estate with small amounts, and borrowers can obtain mortgage loans at an annual interest rate in the 5% range.
Terra Funding’s technological innovation has also been recognized by the global market research firm IDC. IDC recently selected it as one of the fastest-growing fintech (finance + technology) companies in the Asia-Pacific region this year. Terra Funding’s self-developed evaluation system was highly praised as an example of fintech technological innovation that reduces costs and complexity while effectively utilizing public data provided by the government.
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Yang Tae-young, CEO of Terra Funding, said, “Following positive evaluations overseas, we have proven Terra Funding’s outstanding technological innovation capabilities and future potential domestically with the Inno-Biz certification. We will strive to enable more consumers to enjoy the benefits of P2P finance through continuous technological innovation such as system advancement and service personalization.”
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