PPdai Secures First Round Of Funding

Written by Luyi Chen on February 28, 2008
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PPdaiJack Gu, Co-founder of Ppdai, a social loan service, just informed us that the company has finished a funding from Essentia Private Equity recently. The number is not disclosed. Here’s the excerpts:

We just finished a funding from Essentia Equity recently. As the first Chinese P2P lending website, since we going public in July 2007, PPDai.com has built up a set of system under current china’s lack of credit history situation, by leverage the social networking system. PPDai has helped facilitated a number of loans, which help both borrower & lender reach their goal.

With the funding, PPDai.com will focus on improving the platform, build the community, and strengthen the leading position in China.

Recently our friend Calvin Chin also launched a similar service called Qifang. See techcrunch profile here. Qifang is still in private beta. While PPDai has been in operation for a while.

The difference between the two service is that Qifang is focused on student market. Although there’s student loan provided by banks, but it’s not enough, especially in 2nd and 3rd tier cities. After solving all the legal issues, Qifang has a big potential niche market.

Ppdai as a general social loan service has lots of cooperation opportunity with all kinds of social network services in China, especially now, when they cannot find other competitors with a telescope.

We have an interview with Jack Gu in July last year.

6 Responses to “PPdai Secures First Round Of Funding”

  1. Personal Lending + Web 2.0 + China = ? | The China Vortex on March 2nd, 2008 10:40 pm

    [...] Two new startups in China have now entered the field of Internet-based personal lending and finance in China, and according to this article in China Web 2.0 Review, one of them, PPDai has already received first-round funding for an undisclosed amount from Essentia Equity. [...]

  2. Student Loans » PPdai Secures First Round Of Funding on March 3rd, 2008 8:10 pm

    [...] Dr Madsen Pirie nHPPdai Secures First Round Of Funding Jack Gu, Co-founder of Ppdai, a social provide service, foregather informed us that the interact has ended a inventiveness from Essentia Private Equity recently. The variety is not disclosed. Here’s the excerpts: We foregather ended a inventiveness from Essentia Equity recently. As the prototypal Asiatic P2P effort webs… Read the flooded place from China Web2.0 Review Tags: Social Networking, PPdai, Qifang via Blogdigger book wager for enrollee loans. [...]

  3. Private Student Loans » PPdai Secures First Round Of Funding on March 3rd, 2008 11:04 pm

    [...] financialaidgurunHQifang is support in clannish beta. While PPDai has been in trait for a while. The difference between the member support is that Qifang is focused on enrollee market. Although there’s enrollee give provided by banks, but it’s not enough, … [...]

  4. Government Student Loans » PPdai Secures First Round Of Funding on March 4th, 2008 9:20 am

    [...] Doug McCaughannHThe difference between the member assist is that Qifang is focused on enrollee market. Although there’s enrollee give provided by banks, but it’s not enough, especially in 2nd and 3rd miss cities. After uncovering every the legal issues, … [...]

  5. Good News For Chinese Startups: PPdai : techblog86 on March 4th, 2008 10:37 pm

    [...] Chinese startups, good news for you, courtesy of China Web 2.0 Review: Jack Gu, Co-founder of Ppdai, a social loan service, just informed us that the company has finished a funding from Essentia Private Equity recently. The number is not disclosed. Here’s the excerpts: [...]

  6. Daniel on March 31st, 2008 6:18 pm

    51Give (I want to Give) is a platform for loans for social development through Microfinance institutions and to students via universities in China.

    I don’t know about qifang, with their alexa traffic rank last week at 2.8m and the average page view of 1, seems they don’t have any test users/system online.

    51give.com is a closed beta, but don’t expect to wait too long for the launch.

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