Video game publisher Nexon has invested $123m in India-based financial services provider DMI Finance at a valuation of more than $1bn, the Economic Times reported on Friday, citing an unnamed source.
Founded in 2008, DMI operates a diversified financial services business that incorporates lending to consumers and businesses, in addition to housing finance and asset management.
The company’s partners include consumer electronics manufacturer Samsung, which like Nexon is headquartered in South Korea. It formed a digital lending platform called Samsung Finance+ with DMI in September 2019 that offers financing to customers wanting to buy Samsung products.
DMI has now received a total of $800m in equity funding, according to ET. The investment by Nexon – an existing backer according to ET – followed $200m in non-convertible debentures raised last month.
Asset management firm New Investment Solutions had led a $230m round for the company in January 2019. A source told ET that Jung-ju Kim, the founder, chairman and CEO of Nexon’s holding company, NXC Corporation, is among DMI’s early backers.
The latest funding will go to DMI’s digital consumer lending and micro, small and medium-sized enterprise finance activities, according to VCCircle.
