May 20, 2015 08:00 AM Eastern Daylight Time
SHANGHAI-(BUSINESS WIRE)-In the three months since introducing a game-changing campaign to provide creditworthy Chinese borrowers with access to loans, China Rapid Finance today announced that the marketplace lending leader provided more than 1.1 million loans over its mobile platform as of April 30, 2015.
“We are confident that our operationally efficient, tech-enabled channel will help the company capture growth by accessing an expanded array of sophisticated investors.”
“In the last three months, our platform facilitated more loans to Chinese consumers than we estimate to have been made by all Chinese peer to peer lenders combined during the same time period,” said China Rapid Finance Founder and CEO, Zane Wang, PhD.
Earlier this year, China Rapid Finance teamed with Tencent to prescreen millions of Tenpay customers, using China Rapid Finance’s superior credit assessment engine. That engine, which has been refined over nearly a decade and a half of operations, combines underwriting software and algorithms with correlated statistical analysis to evaluate accurately the creditworthiness of borrowers. Based upon those pre-screens, in February the company launched a mobile-based pre-approved borrower acquisition campaign over Tencent’s QQ social platform.
“With more than 1.1 million loans made in three months, it is clear that our mobile loan product is extremely popular. Moreover, we have reduced significantly our borrower acquisition costs and steadily outperformed our loan-loss predictions,” Wang continued.
Also in April, China Rapid Finance joined the Orchard Originator Database, a first-of-its-kind source for comprehensive information on leading loan originators. Orchard’s database allows institutional investors to filter and search by multiple criteria, making it easier for them to find and fund opportunities. By joining the Originator Database, China Rapid Finance will be among the first Chinese marketplace lenders to diversify its lending capital base to include international investors.
“We are thrilled to include international leaders like China Rapid Finance on our platform,” said Matt Burton, CEO, Orchard. “We are confident that our operationally efficient, tech-enabled channel will help the company capture growth by accessing an expanded array of sophisticated investors.”
Wang noted, “China Rapid Finance is helping China to build an Inclusive Financial Sector. We are very excited to have assisted so many creditworthy Chinese consumers achieve their financial goals and are committed to helping millions more achieve the China dream.”
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