Peter Renton, Founder of Lend Academy and Co-Founder of LendIt shares his perspective on the likely fintech IPOs in 2018. Source
Though the company started off as a P2P lender, Lufax has diversified their offerings with great success and now views themselves as a Charles Schwab for the 21st century; as CEO Gregory Gibb says, "The truth is, we started there, but it represents less than 10% of our business volume today. So I think we're really very much an online wealth management platform."; Lufax focuses their business on wealth management, credit-rating services and institutional services where 60% to 70% of its solutions are based on traditional credit-rating metrics, with the remaining 30% to 40% centered on big data. Source
The $1.3 billion round was led by private equity firm Primavera Capital and reportedly included Qatar Investment Authority, All-Stars Investment,...
One of China’s largest online lenders has shelved their IPO because of the regulatory crackdown on online lending; the FT reports that Lufax is waiting until the China Banking Regulatory Commission (CBRC) required online lenders to apply for a license; the current thinking is the government will approve licenses in April, though the time frame could be a bit longer; Lufax wants to ensure they get it right instead of rushing to be first. Source.
On the heels of the Ant Financial IPO news earlier this week leading Chinese online wealth management platform Lufax is...
According to a new report by BCG and Lufax there is a significant opportunity for digital wealth management firms; market...
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Today was mostly a travel day for the LendIt China tour attendees. We were able to visit the Jimubox office...
Hedosophia is not a household name, and that is by design. The fund is one of the most secretive investors...
Chinese lenders are moving into Southeast Asian countries to explore new opportunities in lightly regulated countries; according to Global Times, over 50 Chinese lenders have already launched overseas operations in countries like Indonesia and Cambodia; current entrants include well known names like CreditEase, Lufax and jimu.com; some lenders are opening up subsidiaries while others are focusing on partnerships with local companies. Source
As the government cracks down on riskier lenders the more established brands of Ant Financial and Lufax look to become even more dominant; China’s top ten online lenders account for 36 percent of all loans and that number looks to continue to rise as smaller lenders look to be on their way out; the top lenders use spending analysis, AI and more to determine creditworthiness of borrowers; with the rise in wealth and spending power in China the dominant fintech firms are ideally positioned. Source.