Chinese online lender FirstP2P secures $70m
FirstP2P, a Chinese online peer-to-peer (P2P) financing site, has raised a $70 million Series C round led by existing investor CCB International.
The round gives FirstP2P a post-money valuation of $2 billion, the company said in a press conference. San Shan Capital Partners and CITIC Capital are among the other participants in the round.
FirstP2P was launched in 2013 by Net Credit Finance Group, a financial service provider targeting Chinese small-and-medium enterprises (SMEs). The P2P platform connects individual lenders with SMEs that don't qualify for bank financing. Through the platform, investors can purchase loan products collateralized by property and automotive assets.
The start-up previously raised an undisclosed Series A round from CCB and ChinaEquity Group, and a $41 billion Series B round from San Shan, CITIC and ChinaEquity last year.
The net proceeds from the latest round will be used for business expansion, providing online payments, securities, investment funds and insurance transactions in addition to loans. The group has already received licenses from Chinese regulators for its offline operations.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.