Chinese fintech invests $30m through top online lenders

Chinese fintech invests $30m through top online lenders

Chinese fintech invests $30m through top online lenders Earlier this week, a subsidiary of a leading Chinese fintech has revealed its investment deals worth $30 million with top online lenders in Canada and the United States.

In a March 27 news release published in AltFi News, CreditEase Wealth Management—operating under Chinese fintech giant CreditEase—announced its investments through OnDeck and LendingHome, using funds from CreditEase Wealth Management’s Offshore Private Credit Fund (OPCF).

OnDeck, which is listed on the New York Stock Exchange, offers alternative lending options for small businesses in Canada, Australia, and the United States. LendingHome is an online marketplace that provides short-term bridging loans and consumer mortgages, originating over $1 billion in mortgage loans so far.

CreditEase Wealth Management has been “particularly diligent” in its investments in the wake of significant market volatility last year, according to the firm’s head of offshore business Richard Williamson.

He added that over the past few months, CreditEase has screened over 90 different fund managers and lending platforms worldwide.

The OPCF, which is the first Chinese offshore fund to have established loan purchases with western platforms, has raised approximately $80 million from its high-net-worth Chinese clients in 2015. The firm is slated to fully deploy this sum in other offshore investments by the month’s end.