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Rumor: Alibaba Financial to Invest in P2P Finance Platform PPDai

Netease Tech, 11/13/13

An industry source has revealed that Alibaba Financial, the small and medium enterprise (SME) loan arm of Chinese e-commerce conglomerate Alibaba Group, plans to enter the P2P market through a strategic investment of approximately USD 35 mln in P2P lending platform PPDai, operated by Shanghai Paipaidai Financial Information Service Co., Ltd. PPDai loan services include an e-commerce division, providing e-commerce-focused loans for merchants on Alibaba's C2C & B2C e-commerce site Taobao. Read More