China Rapid Finance Reaches New Milestone With 800,000 Loans To Chinese Borrowers Made Over Marketplace Lending Mobile Platform

NEW YORK--(BUSINESS WIRE)-- China Rapid Finance, the leader in Chinese marketplace lending and credit decisioning, today announced that it has reached a new milestone – in the first two months since it launched the service, the company has provided more than 800,000 loans to Chinese borrowers over its marketplace lending mobile platform.

In February of this year, China Rapid Finance launched a new mobile-based pre-approved borrower acquisition campaign for loans up to 500 RMB (~US$80) and made 300,000 loans during the first month. The campaign is a first in a series of initiatives to identify, pre-screen and pre-approve China’s underserved, creditworthy borrower population. Earlier this week, China Rapid Finance Founder and CEO, Zane Wang, PhD noted, “Strong customer adoption of our online lending product has continued, recently putting us over the 800,000 loan mark. We believe that this represents the fastest growing and most efficient borrower acquisition program among all peer-to-peer lenders in China. This exponential growth demonstrates the popularity of our mobile loan product, which relies upon our superior credit decisioning capability and the market reach provided by our technology partners.”

The announcement that the company’s mobile platform thus far has facilitated 800,000 loans was made by Dr. Wang during his appearance on a panel at the LendIt Conference in New York. Joining Dr. Wang on stage was Daniel Wu, the General Manager of the Tencent Credit Bureau.

China Rapid Finance pioneered the evaluation of consumer credit risk and has refined its approach over nearly a decade and a half of operations. By combining underwriting software and algorithms with correlated statistical analysis, the company is able to accurately assess the creditworthiness of its borrowers. With access to Big Data from Internet and social networking partners, China Rapid Finance is able to increase the application of its advanced credit analysis capabilities and expand its channels for offering loans.

Wang continued, “We are committed to changing the face of the Chinese lending industry, and are convinced that working with partners is an optimal strategy to achieve those changes rapidly. We are excited that we already have entered into cooperative arrangements with leading Internet partners.”

About China Rapid Finance

China Rapid Finance is a leader in marketplace lending and credit decisioning in China. With more than 4,000 employees and branch offices in 70 cities, the company has one of the largest multi-channel offline and online lending platforms in China built upon proprietary advanced Big Data analytics technology, a proven track record in credit risk management, and a tradition of transparency and regulatory compliance.

Through the direct distribution channels and strategic partnerships that China Rapid Finance has established with China’s technology leaders, the company brings borrowing opportunities to a broad array of Chinese consumers – many of whom are accessing credit for the first time.

Founded in 2001 by CEO Zane Wang, PhD, China Rapid Finance has played a critical role in transforming the Chinese consumer credit market for more than a dozen years. China Rapid Finance stands poised to deepen and broaden its leadership in the Chinese marketplace lending industry.

The company’s home page is www.chinarapidfinance.com.

for China Rapid Finance

Jill Posnick, +1-310-966-0214

[email protected]

Source: China Rapid Finance