<article><a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Matrix+Partners+China">Matrix Partners China</a> has led a series A financing round in Shanghai-based credit assessment and online lending platform <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Alading+Bank">Alading Bank</a>.</article>

<a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Matrix+Partners+China">Matrix Partners China</a> has led a series A financing round in Shanghai-based credit assessment and online lending platform <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Alading+Bank">Alading Bank</a>.
Financial terms were undisclosed.
The deal was reportedly worth tens of million US dollars, according to China Money Network.
Alading Bank, launched in 2016, is in the same space as bigger and venture backed players, Wecash and Yongqianbao.
Alading Bank claims the number of users on its platform has exceeded five million and its monthly transaction has reached RMB700,000.
&#8220;Alading Bank is a next-generation digital finance company. We believe that the market has huge potential, and we have confidence in the team’s capacity of risk control,” Harry Wan, a partner at Matrix Partners China, said. &#8220;The Alading team has great ability in producing a variety of products. We expect that it would become China’s Capital One.&#8221;
Alading Bank’s services cover online credit assessment and grant loans to individuals, who can apply through mobile phone number and ID card number and get approval within minutes.
The proceeds will mostly be used to develop its big data capacity and artificial intelligence technologies as well as bolstering the brand.
Recently, Wecash also raised an $80-million series C round led by China Merchants Venture Capital Management, Forebright Capital and SIG. Meanwhile, Yongqianbao secured a $67-million round from Golden Brick Capital Management and CICC Alpha, an investment arm of China International Capital Corporation.
Also read:
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/china-compal-electronics-picks-2-15-in-leecos-smart-tv-unit-golden-brick-cicc-alpha-lead-67m-funding-in-yongqianbao-69017/">China: Compal-LeEco TV unit deal; Golden Brick, CICC put $67m in Yongqianbao</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/china-merchants-forebright-capital-sig-lead-80m-series-c-wecash-69660/">China Merchants, Forebright Capital, SIG lead $80M series C in Wecash</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/china-dealbook-4-65180/">China: AI startup PerceptIn raises Series A led by Matrix Partners; Fashion e-tailer Ms Paris raises $18m</a>

Matrix Partners China has led a series A financing round in Shanghai-based credit assessment and online lending platform Alading Bank.

Matrix Partners China leads series A in MFI platform Alading Bank

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

Matrix Partners China leads series A in MFI platform Alading Bank

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief