China Rapid Finance, a China-based online consumer lending marketplace serving online users, closed US$35m Series C round of financing.
The round, which a pre-money valued the company at US $1 billion, was led by Broadline Capital, with participation from a global family office through UBS Investment Bank as well as other investors.
The company intends to use the funds to accelerate the expansion of its online consumer lending marketplace through strategic partnerships with multiple consumer data sources including Chinese Internet companies.
Founded in 2001 by Zane Wang, PhD, CEO, China Rapid Finance is an online consumer lending marketplace serving online users and China’s emerging middle class providing consumer credit access to the world’s largest untapped market, expected to grow to more than RMB 5.4 trillion (US $870 billion) by 2020.
UBS Investment Bank acted as placement agent for China Rapid Finance on the financing.