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.
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China Rapid Finance Raises $35m Series C At A $1B Valuation
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“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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