Venture-Backed China Rapid Finance Plans US IPO

Shanghai-based P2P (peer to peer) lending platform China Rapid Finance is planning to raise as much as US$200 million in a U.S. initial public offering potentially during the first half of 2016, according to media reports.

In July, China Rapid Finance completed a US$35 million series C round led by Sino-U.S. private equity firm Broadline Capital.

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.

Yirendai Limited, another Chinese P2P consumer lending platform carved out from Chinese online finance company CreditEase, is also seeking to raise US$100 million in an initial public offering on the New York Stock Exchange.

Shanghai Lujiazui International Financial Asset Exchange (Lufax), an online financial services firm launched by Ping An Insurance Company of China, Ltd., is also reportedly planning a US$5 billion initial public offering in Hong Kong next year.