Beijing-based P2P (peer-to-peer) lending start-up Weijinsuo has completed a RMB300 million (US$46 million) series A round of financing led by HNA Capital Group Co., Ltd., the financial services arm of Chinese conglomerate HNA Group, according to an announcement (in Chinese).
Founded in 2013, Weijinsuo currently has 700,000 registered users and has completed aggregate transaction value of RMB4 billion (US$616 million).
It provides investors an average annual yield of around 11.7% with up to 36 months of lock-up period. The money is then lent to individuals and small enterprises that need to borrow money.
HNA Capital provides investment banking, leasing, trust, insurance, securities, commercial banking, futures, funds and factoring services.
It manages over RMB445 billion (US$68 billion) and owns almost 30 member companies with 10,000 financial professionals under its umbrella.
Its business networks cover 30 cities including Beijing, Tianjin, Shanghai, Shenzhen, Hong Kong, Singapore, Sydney, London, Dublin, Oslo and New York, according to its website.
Article first appeared in China Money Network