P2P boom draws firm in 2nd funding
Print Edition
SHANGHAI Ying Can Investment Management Consulting Co, which runs a portal tracking Chinese peer-to-peer lending, launched a second round of funding to raise 100 million yuan (US$16 million) yesterday to enlarge its footprint in the booming sector.
SoftBank-backed private equity firm SAIF Partners Ltd and Shenzhen-based CDF-Capital Co are said to be investors in the latest round. But no specific figures were released.
As the operator of Online Lending House, a portal holding a database of over 1,600 P2P platforms, Ying Can aims to upgrade its third-party credit information system and a rating system in the next phase of its expansion, Xu Weihong, the company’s president and founder, told Shanghai Daily.
Ying Can raised more than 10 million yuan from its first round of funding in 2013.
Online P2P lending, which promises higher interest rates and even higher returns without going through the banking system, drew 321.2 billion yuan in China in 2014, up 268.8 percent year on year, the Payment & Clearing Association of China said in a report in May.
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