SHANGHAI--(BUSINESS WIRE)--China Rapid Finance Limited (“CRF”), China’s largest consumer lending marketplace in terms of number of loans facilitated, today announced the cumulative number of borrowers on its platform had exceeded one million as of October 31,2016.
The platform had facilitated 8.8 million loans in total as of the same date, the Company reported.
“Serving more than one million borrowers is a major milestone for our marketplace,” said Dr. Zane Wang, CEO of the Company. “As China’s leading digital lending platform, CRF is making efforts to bring affordable credit to China’s Emerging Middle-class, Mobile Active consumers, or EMMAs. By facilitating small consumption loans to the EMMA population, we are helping them create their own credit histories and serving their growing credit needs.”
The EMMA population --who have no credit histories and can’t borrow money from traditional financial organizations-- is estimated at around 500 million people in China. This represents the world’s largest untapped consumer credit market. This typically young, urban, educated and internet-savvy group is expected to become the consumer mainstream in China in coming years.
To reach and serve these potentially qualified EMMA borrowers, China Rapid Finance is partnering with China’s leading internet platforms, including online travel agencies, online group-buy and shopping platforms, online gaming companies, online e-commerce platforms and payment service providers, etc. With these multi-data, omnichannel collaborations, China Rapid Finance is able to identify, select and acquire creditworthy EMMAs.
As a pioneer in consumer credit in China, CRF has developed innovative and proprietary algorithms over the past 15 years to analyze the unstructured data from its multiple data channels. Its advanced pre-screening technologies, including predictive selection, credit scoring and automated decisioning technologies, allow China Rapid Finance to accomplish large-scale acquisition of quality borrowers at low cost and low risk.
About China Rapid Finance
China Rapid Finance Limited began its operations in 2001, and is the largest consumer lending marketplace serving China’s emerging middle class, based on number of loans. The Company is a recognized innovator with a proprietary Big Data analytics technology platform and a proven track record in credit risk management and transparency. CRF leads the industry by having facilitated more than 8.8 million loans to-date.