Dianrong today announced a new technology agreement with Maggie Ng, a leading consumer banking executive in Asia Pacific, to launch the first global fintech marketplace connecting Asian investors with high-quality, low-volatility and largely untapped asset classes, including U.S. consumer lending. The new strategic alliance combines Dianrong’s advanced technology with Ms. Ng’s extensive consumer-lending experience.
Ms. Ng and Dianrong engineers are currently completing beta testing for the new fintech platform that will provide Asian investors with an integrated solution to access U.S. marketplace lending assets. The platform will utilize multiple U.S. marketplace lenders and a single onboarding and know-your-customer process. It will also offer advanced risk modeling capabilities, added credit enhancement and structuring features, and blockchain solutions to safeguard data integrity. Investors will also have access to real-time performance monitoring, U.S. tax-exemption filing capabilities and a secondary market for liquidity.
The new fintech marketplace leverages Dianrong’s award-winning Tuantuanzhuan (TTZ) technology, which has the ability to allocate investor capital across hundreds of thousands of loan assets in real time.
A commercial launch of the platform, to be based in Hong Kong, is expected by the end of the second quarter of 2017, pending final regulatory approvals.
Read more at Cision
Soul Htite, an original co-founder of Lending Club and now the founder of Dianrong, a marketplace lending platform in China, compares the development of peer-to-peer lending between the US and China, and reveal plans for a new supply chain financing platform in the country.
- Htite believes that there is so much capital in people’s hands in China, but no investment opportunities
- He is impressed by how Chinese regulators are looking at the problems of the P2P industry
- Dianrong chose to do its business in China due to three reasons: internet availability, good system of laws and the entrepreneurship mentality of the people
Read the full interview at The Asian Banker
Bizzabo, a startup that wants to simplify the process of marketing events, has raised a Series A round of $6.5 million.
This brings its total funding to $14.5 million. Bizzabo, which is based in Tel Aviv and New York City, will continue to develop and add functions to its cloud-based event management platform.
Bizzabo’s Series A was led by Zvi Limon, a founding partner of Magma Venture Capital; Galileo Technology and Annapurna Labs co-founder Avigdor Willenz; and angel investor Danny Tocatly. Returning investors LionBird, Kaedan Capital, Yair Tauman, Gigi Levy, Eyal Ofer and Eli Alroy also participated.
Bizzabo’s main competitor is Cvent, which is now the world’s largest event management software after it was acquired and merged with Lanyon by Vista Equity Partners for $1.65 billion last year.
Bizzabo founder and CEO Eran Ben-Shushan says his company differentiates by focusing on small and medium-sized businesses and digitizing more of the organizational process. He won’t disclose how many companies currently use Bizzabo, but claims it is in the “high hundreds.” Its highest-profile customers include GE, Virgin, USAA and The Lean Startup.
Read more at TechCrunch
WayUp is making its first acquisition — it’s buying the similarly focused Looksharp.
Both companies have created job listing sites for college students and recent graduates, but WayUp co-founder and CEO Liz Wessel told TechCrunch they’re complementary in a rather specific way.
The key, she said, is search engine optimization — after all, that’s where job seekers usually start looking for opportunities. And while WayUp’s student profiles do well on Google (in some cases ranking above LinkedIn), Wessel said Looksharp has better SEO when it comes to job listings.
For that reason — and because WayUp and Looksharp “had similar users but not the same users” — the two companies started discussing a partnership, which eventually turned into a conversation about a possible acquisition.
WayUp isn’t disclosing the financial terms of the deal. Looksharp had raised more than $10 million in funding from investors, including 500 Startups, Artis Ventures, Kapor Capital and Subtraction Capital. WayUp, meanwhile, has raised nearly $9 million.
Read more at TechCrunch
Dianrong, a Chinese P2P lending pioneer and technology leader announces that 2016 loan originations reached approximately 16.23 Billion RMB, representing a 148% increase over 2015. Growth in loans issued was funded by an astonishing 3.62 million investors, illustrating the breadth and scope of Dianrong’s business model.
CEO Soul Htite expanded on the strong year: “Since the launch of new online lending regulations in the second half of last year, and with the regulator actively supporting the sector’s development, the online lending industry has been significantly revitalized. Furthermore, with the exit of many platforms from the industry, major players with strong brands and state-of-the-art technology have been given new opportunities to further their development when compared with 2015.”
During the year, Dianrong was named one of China’s top three online lenders by the renowned rating website, Wdzj.com, and Yingcan Consulting Company in their “Development Index Rating of the Top 100 Online Lending Platforms for October 2016“.
The recognition was the result of Dianrong’s effort to enhance its compliance and transparency procedures, for which it scored the No.1 among the top 10 companies in the ranking respectively, making the platform a leader in the industry on these metrics.
Last year marked the fourth consecutive year of strong growth in origination for Dianrong, hitting approximately RMB 60 million, RMB 790 million, RMB 6.55 billion and RMB 16.23 billion in 2013, 2014, 2015 and 2016 respectively.
Since May 2016, Dianrong’s origination significantly increased following the company’s “Real P2P” consumer education campaign in Beijing and Shanghai which makes a positive case for P2P.
The introduction of new online lending rules by the regulator in August helped Dianrong’s trading volumes hit a one-year high in September.
Dianrong has also disclosed more details on how the “Tuan Tuan Zhuan” (“Group Investing”) engine works. If one was to select ‘Classic Group Investing’ for example, every renminbi the client puts in will be diversely invested in more than 239,000 projects in line with their strategic needs, and the client will know about the capital flows of each of their investments and which projects they are invested in. Currently, all the funds are deposited at Hengfeng Bank.
Additionally, during the past year, Dianrong investigated 45,490,000 credit reporting records while strictly controlling the risks of various investments. In 2016, the minimum loan amount Dianrong issued was merely RMB 200.
Read more at PR Newswire