X Financial Invests US$10M in VC Fund Managed by Dragonfly Ventures II, L.P.


X Financial (NYSE: XYF), a Shenzen, China-based technology-driven personal finance company, announced a commitment to invest in an aggregate amount of US$10m in a venture capital fund managed by Dragonfly Ventures II, L.P. for blockchain industry investment opportunities.

Dragonfly is a venture capital fund focusing on the blockchain industry with its long-term value investment strategy and research-driven process. Dragonfly has made investments in some of blockchain platforms including Maker, Compound, Celo, UMA, etc.

X Financial (NYSE: XYF) is a technology-driven personal finance company in China focused on credit from individuals and small-to-medium-sized enterprise owners. The company’s proprietary big data-driven risk control system, WinSAFE, builds risk profiles of prospective borrowers using a variety data-driven credit assessment methodology to accurately evaluate a borrower’s value, payment capability, payment attitude and overall creditworthiness. The company has established a strategic partnership with ZhongAn Online P&C Insurance Co., Ltd. in multiple areas of its business operations to directly complement its risk management and credit assessment capabilities. ZhongAn Online P&C Insurance Co., Ltd. provides credit insurance on X Financial’s investment products and attract a diversified and low-cost funding base from individuals, enterprises and financial institutions to support its growth.