SHANGHAI--(BUSINESS WIRE)--China Rapid Finance Limited (“CRF” or “the company”), China’s largest consumer lending marketplace in terms of number of loans facilitated, was named a finalist for “Innovator of the Year" honor at the first annual LendIt Industry Awards.
CRF is the only Chinese company nominated in this top category, which will honor the company that has demonstrated a strong culture of innovation, producing groundbreaking changes in the industry. CRF was selected as one of seven finalists, out of hundreds of applicants worldwide, by more than 30 industry experts who judged finalists representing innovation, emerging talent and top performers.
The company will compete for the honor at the LendIt Awards Ceremony on March 7, 2017, at the LendIt conference in New York City. LendIt is the world’s largest show in lending and fintech.
CRF has facilitated more than 10 million loans as of December 2016, more than any other online lending company in the world. This success is entirely based on an ability to innovate in data collection and analysis, which has made CRF an expert in using alternative sources of data to underwrite loans to prime, quality borrowers at scale.
“China has one of the world’s largest untapped consumer credit markets, but it is a great challenge to provide affordable consumer credit to the 500 million Emerging Middle-class, Mobile Active consumers (EMMAs), who have no credit histories.” said Dr. Zhengyu (Zane) Wang, CEO of CRF. “To reach the EMMA population, CRF has developed innovative technologies and created a multi-data and omnichannel business model, which has made us the largest consumer lending marketplace in China, in terms of number of loans facilitated.”
CRF has developed innovative and proprietary technologies that use machine learning and big data algorithms to analyze thousands of points of non-traditional and unstructured data, including online payments, e-commerce, search, and social data, among others. CRF’s marketplace lending platform is the only one in China to use Predictive Selection Technology to acquire customers on a massive scale at low cost. CRF has built partnerships with leading internet companies in China for data collection and analysis. By facilitating small consumption loans for EMMAs, CRF helps its users to build credit histories and fulfill their lifetime consumer credit needs.
“Having been on the front lines of emerging and later stage FinTech companies for the past five years, we wanted to unveil our own best of the best industry accolades,” said Jason Jones, Co-Founder, LendIt. “These finalists represent some of the most innovative companies that are radically improving financial services through technology.”
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, in terms of the number of loans facilitated. 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 10 million loans as of December 2016.
LendIt is the world’s largest event series dedicated to connecting the fintech and lending community. Our conferences bring together the leading lending platforms, investors, and service providers in our industry for unparalleled educational, networking, and business development opportunities.
LendIt hosts three conferences annually: our flagship conference LendIt USA as well as LendIt Europe in London and LendIt China in Shanghai. LendIt USA 2017 will be held in New York from March 6 - 7. Learn more at http://www.lendit.com/.