Shanghai-based P2P (peer to peer) lending platform China Rapid Finance has completed initial closing of US$35 million series C round of financing led by Sino-U.S. private equity firm Broadline Capital, according to a company announcement.
An unnamed private equity firm, a family office and other investors also participated in the round, which valued the company at US$1 billion before the current funding.
Founded in 2001, China Rapid Finance bridges money lenders and individuals who need credit in China. Its products offer lenders interest rates ranging from 6% to over 12%.
No information are available on the company’s previous funding rounds.
Broadline Capital, founded in 2005, focuses on growth capital and impact investments primarily in China and North America.