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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.
“By teaming up with leading data providers like Tencent, the nation’s largest online social network platform, China Rapid Finance applies its unique algorithm to pre-screen the creditworthiness of borrowers based on Big Data analysis. Multiple categories of data—online payment data, social network data, e-commerce purchase data, and other information such as application scores, response scores, anti-fraud scores—are all used to generate a profile for each individual.” Loan sizes start at $80. As repeat borrowers build their credit histories, they can apply for larger loans, with typical consumer lending amounts ranging from $5,000 to $10,000.
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