Ping An's Online Finance Platform Lufax Wins USD 900 Mln Series B
Tencent Tech, 1/08/16
Shanghai-based online third-party financing and financial asset exchange platform Lujiazui International Financial Asset Exchange (Lufax) has revealed that it completed USD 900 mln Series B funding in December, according to a financial information disclosure. The new funding gives Lufax a post-money valuation of USD 18.5 bln. The company previously completed USD 500 mln Series A funding in December 2014, after which it was valued at USD 10 bln.
Lufax's recorded revenues of USD 100 mln in 2014 and USD 706 mln in 2015. The company projects revenues for 2016, 2017, and 2018 will reach USD 3.1 bln, USD 6.17 bln and USD 9.84 bln, respectively. Lufax anticipates a loss of USD 415 mln in 2015 and USD 68 mln in 2016, but expects turn profits of USD 1.56 bln in 2017, and USD 3.54 bln in 2018.
Lufax chairman Ji Kuisheng revealed that 70% of Lufax's businesses are already quite mature in terms of user resources, risk management standards, technologies, and product systems. Lufax's personal loan service has been operating for four years, while its institutional trading platform and fund channel have been operating for two years and half a year, respectively.
Editor's Note: Ping An Insurance Group is Lufax's biggest shareholder. For more information on this topic, please see "Ping An's Online Finance Platform LUFAX Completes Series A," MD 12/26/14 issue.
Keywords: financial services Internet IPO funding Series B Lufax Ji Kuisheng online lending valuation
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