China’s largest online peer-to-peer lender, Lufax, is seeking $1bn in new funding at a valuation of $15bn-$20bn, as growth continues to surge across the internet finance sector.
If successful, the funding would underline the rapid growth of the sector this year. In April, Lufax raised $500m at a $10bn valuation.
Online banking and P2P lending has developed rapidly in China amid a push by Beijing to expand financing for consumers and small businesses. Upwards of 2,000 companies operate in China’s P2P lending milieu.
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