Qudian, backed by Ant Financial, runs a mobile platform that allows college students and young workers to borrow amounts as low as $60 to buy apparel, concert tickets or smartphones. Founded in 2014 by Min Luo, Qudian became profitable last year. It provided $5.6 billion of credit in the first half of 2017 to 7 million active borrowers.
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Chinese Fintech Firm Qudian Impresses in U.S. Market Debut
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Qudian, backed by Alibaba Group affiliate Ant Financial, runs a mobile platform that allows college students and young workers to borrow amounts as low as $60 to buy apparel, concert tickets or smartphones. Advertisement Continue reading the main story The company targets hundreds of millions of young Chinese who need access to small credit, but cannot go to traditional financial institutions, mainly for lack of traditional credit data.
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