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PPDai Announces Record Peer Lending Activity

Thursday, April 02, 2009 5:16:00 AM PDT | VentureDeal Staff

Shanghai, China  --  Peer lending network company PPDai announced that it has enjoyed record activity in the year since its official launch in 2008.

The lending network matches investors with prospective borrowers and boasts over 80,000 user registrations and loans facilitated of 2.5 million RMB.

"We witnessed strong growth in 2008 and incredible growth in the first quarter of 2009. In less than one year we have achieved over 2 million RMB in loans with roughly half a million RMB in March 2009 alone. In our first year of operation we focused on laying the foundation that would help borrowers and lenders familiarize themselves with the concept of peer lending in China. What we realized was that we were able to provide a solution that has gained popularity as the global credit crisis worsened and left many borrowers with little alternative for funding." Said Jack Gu, PPDai's CEO and Founder.

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