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 confidence in the team’s capacity of risk control,” Said Harry Wan, a partner at Matrix Partners China. "The Alading team has great ability in producing a variety of products. We expect that it would become China’s Capital One."
Alading Bank says it plans to use the latest proceeds to develop its capacities of big data and artificial intelligence technologies, as well as to upgrade products, build up its management team, and promote its brand.
A number of financial technology companies in China have raised financing lately. Last week, Wecash, a Beijing-headquartered big data-based credit assessment company completed a US$80 million series C round led by China Merchants Venture Capital Management Co., Ltd., Forebright Capital and SIG.
Last month, another similar start-up Yongqianbao completed a RMB466 million (US$67 million) round led by Beijing- and Hong Kong-based private equity firm Golden Brick Capital Management Ltd. and CICC Alpha, an investment arm of the China International Capital Corporation Ltd. (CICC).