Korea based life insurance company Hanwha Life Insurance has purchased a 4.1% equity stake in San Francisco peer-to-peer lending group Lending Club. The stake cost Hanwha Life Insurance $66.25m and comes after Kim Dong-won's appointment to lead the company's FinTech initiative.
A report in the Korean Herald has pointed to Hanwha Life Insurance purchasing a 4.1% equity stake in Lending Club (NYSE:LC). Hanwha Life spent 75 billion won or approximately USD $66.25 million as they believe its stock is undervalued. PulseNews reported last year that Hanwha had designated Kim Dong-won to “spearhead” the company’s Fintech initiative. The revelation came just as Hanwha stated it had signed a memorandum of understanding with Dianrong, one of the largest peer to peer lending companies in China.