Matrix Partners China has led a series A financing round in Shanghai-based credit assessment and online lending platform Alading Bank, according to a company announcement.
No financial details were disclosed, but the deal was reportedly worth tens of million U.S. dollars.
Founded in 2016 by two banking executives from Capital One Financial Co. and China Merchants Bank Co., Ltd, Alading provides online credit assessment and micro loans for individuals. It claims that users can apply and receive micro loans within three minutes by simply submitting their mobile phone number and ID card information.
The platform currently has over five million users, and has recorded a monthly transaction volume of RMB700,000.
"Alading Bank is a next-generation digital finance company. We believe that the market has huge potential, and we have con...
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