China online consumer finance platform LexinFintech announced it will invest more than $150mn in partnerships over the next three years; the company’s CEO said the investment will focus on co-branded credit cards with financial institutions, expanding services to include more use cases and working on technology cooperation. Source.
With regulatory changes in China the online lender LexinFintech scaled back their IPO target from $500mn to $120mn; the company is looking to IPO next week and is offering 12 million shares at a price range of $9 to $11; recent IPOs by Chinese fintechs like Qudian have seen a significant drop in value after the regulatory push in China. Source.
Chinese online consumer lender, LexinFintech, filed a $500mn IPO to list on the Nasdaq; LexinFintech provides installment loans for consumers to buy products; regulators have been looking closer at consumer lending in China with recent companies listing on US exchanges; the listing is being underwritten by Goldman Sachs, BofA Merrill Lynch, Deutsche Bank Securities and China Renaissance. Source.
LexinFintech Holdings operates Fenqile, a leading online lender in China, and is now rethinking their IPO plans; LexinFintech is attempting to raise $500mn through their IPO but concerns about regulators in China have made the company have second thoughts; the company is planning to come to a decision soon on whether or not to plan their roadshow ahead of the IPO. Source.
Ally Financial Teams Up With Better.com to Create End-to-End Digital Mortgage Experience Bankin’ Raises €20M in Series B Funding As...