Following a steady fall from grace, Renren’s CEO Joseph Chen announced yesterday that the Chinese social networking platform would transform into a social finance company, following the release of their first quarter results. The college-focused social networking site has been unable to lift its profile or revenue despite a string of re-direct strategies. In addition to external investments, Renren rolled out homegrown platform Renren Fenqi (Renren Installment), an installment billing shopping site for college students, in October 2014. Renren is rolling its Renren Licai (Renren Personal Finance), a peer-to-peer lending site, out of internal testing later this year to provide loan and data-driven analytics to users. The rise of student spending power in China has given Renren a good breakthrough point to commercialize its large college user base.