China Rapid Finance, China's largest online consumer lending marketplace, has closed a $35 million Series C round led by Broadline Capital. The pre-money valuation on the round was $1bn. As consumers in China don't have a standard credit score like FICO, the service has continued to become compelling to lenders and consumers alike. May be the platforms are the first ones to be tested if growth in china would stagnate?
China Rapid Finance, which claims to be the country’s largest online consumer lending marketplace, has closed a $35 million Series C round led by Broadline Capital. The round pegs the company’s pre-money valuation of $1 billion. China Rapid Finance is reportedly gearing up for an initial public offering in the U.S. Founded in 2001, the company has already facilitated 2.5 million loans on its platform, which connects borrowers and lenders. Part of its plans for its latest funding round is marketing to the 50 million consumers it has already pre-screened. After years of tight control by the government, China’s consumer loan and credit card market is opening up. Many Chinese consumers, however, don’t have credit scores because there isn’t a ubiquitous system like FICO in the U.S.