Investors back firm behind P2P lender
Print Edition
Beijing Renren Youxin Investment Co, which runs the leading peer-to-peer (P2P) lender Renrendai.com, yesterday said it has raised US$130 million from the first round of financing.
The investment was made late last year by a group of investors led by TBP Capital, a private equity firm with funds from foreign investors that targets Chinese firms, Zhang Shishi, who helped found Renren Youxin, said.
This was the largest single investment for the P2P lending industry, Zhang said.
The fund will be used to cultivate talent and optimize products, to boost risk management and to make strategic mergers and acquisitions at a proper time, Zhang said.
The investment, following similar capital injections into several other major P2P lenders, is a clear indication of the growing interest by venture capital and private equity firms in the burgeoning P2P lending industry.
Li Shujun, a partner of TBP Capital, said he believed the robust growth of Internet finance is a major trend with rises in household incomes and more lending channels.
Renrendai.com, which was formed in 2010, has lent 2 billion yuan (US$330 million) over the past years, with only 0.6 percent of all overdue.
Increasingly more P2P lenders, however, face operation problems, putting the investors’ money at risk and prompting calls for tougher regulatory supervision.
According to “Wangdaizhijia” (home of online lending), a Chinese P2P lending portal, 74 P2P lenders went bankrupt or faced capital chain problems last year.
The number of P2P lenders in China may exceed 800 with a yearly turnover of 100 billion yuan by the end of 2013, said Wangdaizhijia.
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