The new law enables the licensed P2P lending startup to operate as an authorized financial institution to lend, raise capital from international and domestic institutions, and provide loan referral services to its customers. Its lenders are mostly retail customers the company has through its partnership with Kakao Pay. The company, which accounted for about 57% of market share in the personal loan of the P2P lending market as of October, expects to generate profit in 2022, Kim said. “Our mission is to grow into the #1 player in the Korean non-bank lending market to provide better loan options for average Koreans that the banks underserve.”The financing event comes five months after PeopleFund received its regulatory approval from South Korea’s Financial Services Commission (FSC) to register with the government. PeopleFund claims it has managed over $1 billion in loans as of October 2021, with a delinquency rate of 2.06%. PeopleFund targets the traditional personal credit loans market in South Korea, which is estimated at around $67 billion, according to the company.