Comment on Student Micro-loan Site Qufenqi Pins Down $200M Investment Led By Alibaba by China puts the brakes on its sprawling microlending industry - TechNode

['Emma Lee', 'More Emma Lee', '.Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow', 'Class', 'Wp-Block-Co-Authors-Plus', 'Display Inline', '.Wp-Block-Co-Authors-Plus-Avatar', 'Where Img', 'Height Auto Max-Width', 'Vertical-Align Bottom .Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow .Wp-Block-Co-Authors-Plus-Avatar'] Comments for TechNode 2015-08-13 00:00:00

Chinese university student micro-loan site Qufenqi announced that it has secured a massive $200 USD million investment led by Ant Financial, Alibaba Group’s financial-services affiliate, with participation of current investors Kalends, BlueRun Ventures and Source Code Capital. The tie-up will help Qufenqi to further integrate its platform with Alibaba’s Alipay and Sesame credit-scoring service to construct a financial ecosystem for university students. Qufenqi is a Chinese electronics retailer that allows buyers, mostly college students and young white collar workers, to pay in monthly installments. It is a logical move for e-commerce giants to back such sites to increase traffic and potential customers. Research by Shanghai Jiaotong University shows that China now has nearly 30 million university students.