China Rapid Finance currently has 1.2 million borrowers on its platform and is seeking to triple its users; it recently received $70 million in funding which will help to support the growth; also wants to increase its users to 10 million over the next two to three years; the firm says it is well positioned to manage new regulations from the Chinese government and it is developing its platform to more broadly target the needs of the country's 500 million residents. Source
Marketplace lender, China Rapid Finance, has now surpassed the one million mark in terms of borrowers; they are considered the largest consumer lender in China in terms of loans facilitated; the company has lent out 8.8 million individual loans since inception and believes their focus on emerging middle-class mobile active consumers, or EMMAs, sets them apart; the EMMA population typically has no credit history and is estimated at around 500 million people in China, the world's largest untapped consumer credit market. Source
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After our visits with Jimubox and Lufax the LendIt China tour geared up for the next conference in Shanghai. We co-hosted...
The partnership with Sino Guarantee will provide lending capital of RMB 500 million to China Rapid Finance also helping the marketplace lender to develop and offer lending products on wealth management platforms; Bank of Shanghai will also provide capital support as well as payment channels and fund custody services. Source
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[Editor’s note: This is a guest post from Thomas Wang, Director of Data and Science Analytics at China Rapid Finance. China Rapid...
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