Qifang Obtains USD 1 Mln Funding
Netease Tech, 8/31/09
CEO Chen Guoquan of online student loan platform Qifang.cn revealed recently that the company will receive USD 1 mln in financing from a Taiwanese investor in the near future, which it will use to expand its market and develop more partnerships.
Qifang was founded in August 2007, and was named a "Technology Leader" at the 2009 World Economic Forum in Davos. The site now has more than 2,400 registered loan recipients, mostly students from universities in China's poorer southwestern regions. After registering on Qifang, students can submit a loan application and commit to paying back the loan with a certain amount of interest within a specified time frame.
Chen also said that Qifang may adopt two business models in the future - one providing loan services to students with a 1% to 2% commission for its services, the other relying on website advertisements. The company's future direction, he said, will be to provide loans for study and living costs to southwestern students, while providing extracurricular training loans for students in Beijing, Shanghai, and other major cities.
Keywords: Chen Guoquan Qifang registered users online banking Internet funding training university youth
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