China P2P lending site Firstp2p raises $41m
Firstp2p, a Chinese online peer-to-peer (P2P) financing site, has raised a $41 million Series B round of funding from San Shan Capital, CITIC Capital and China Equity.
Firstp2p was launched in July 2013 by NCF Group. The platform connects individual lenders with small-scale borrowers, essentially meeting the needs of small and medium-sized enterprises 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 secured Series A funding from CCB International and China Equity. It plans to use the new capital to scale up its online lending business, as well as to add new business lines in wealth management and consumer finance, according to a statement.
Besides P2P online lending, NCF Group also has business interests in online payment, crowdfunding, public fund sales and trust product offerings.
San Shan Capital was founded by Shan Li, formerly a derivatives trading manager at Credit Suisse. He manages several funds including internet finance and energy-focused vehicles.
Private equity investment in the online P2P lending space is rising with market interest. There were 1,263 sites as of June 2014, up from 600 at the end of 2013, 240 in 2012 and 20 in 2011. Most of the top 20 independent P2P lending sites have received VC funding, including Yooli.com, Jimubox and Renrendai.
Lujiazui International Financial Asset Exchange (Lufax) - a Chinese peer-to-peer (P2P) lending platform that Ping An wants to become an "exchange of exchanges" for non-standard financial assets - got RMB3 billion in funding in March.
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.