FirstP2P nabs $70m, shows Chinese emphasis for investors

Chinese peer-to-peer lending is undergoing a turbulent time with regulator crack downs and authorities raiding companies’ offices.

This is not detracting investors too much though with online peer-to-peer lender FirstP2P landing $70m in its Series C round of funding from CCB International and San Shan Capital Partners.

The funding reportedly values the Beijing-based company at $2bn, according to Chinese media.

The company’s online lending platform operates the standard peer-to-peer lending model that sees investors matched to potential borrowers.

The platform provides car loans, mortgages and financial leasing to small and medium enterprises.

FirstP2P previously raised $41m in a Series B round last July from San Shan Capital, CITIC Capital and ChinaEquity Group.

CCB International and ChinaEquity Group also invested in its Series A round.

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