Overview

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Status
Qifang has been closed
Total Equity Funding
$200k in 1 Round
Headquarters:
Shanghai, Shanghai
Description:
Qifang is a Chinese peer-to-peer lending online community focused on student loans.
Founders:
Categories:
Finance
Website:
http://www.qifang.cn
Social:

Company Details

Update
Founded:
August 1, 2007
Closed:
December 10, 2011
Employees:
1 - 10 | None found in Crunchbase

Qifang is a stealth P2P lending site for Chinese student loans. Most college education in China is financed by group borrowing associations rather than bank loans. Qifang is trying to bring that group lending dynamic online.

The company expects interest rates on most Qifang loans to be between 8 to 12 percent. The interest rate will be based on how many lenders bid on each loan. The site will recommend that lenders invest in a portfolio of loans to reduce their risk, but if they choose, each one can put all their money in a single loan. Since there is very little credit history on individuals in China, the site will use other proxies to calculate risk. Each borrower must scan in their national ID cards to verify who they are, and list their school, major, grades, hometown, parents ID cards and income. Chin is creating partnerships with the schools directly, so that the information students supply can be verified and so that loan payments can be made directly to educational institutions.

There will also be an interesting social calculus that takes place on the site. Since each borrower’s parents will be named on the loan, failure to pay it back would result in a shameful losing of face for the parents. It will be interesting to see how this plays out in a place where social pressure is very powerful.

"Qifang" translates to “bloom,” and comes from the Chairman Mao quote, “Bai Hua Qi Fang”—”Let a hundred flowers bloom.”

Funding Rounds (1) - $200k

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DateAmount / RoundValuationLead InvestorInvestors
Feb, 2008$200k / Angel0

Products (1)

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  • Qifang was added to CrunchBase in 2008

Competitors (5)

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  • 51give.org is an online donation platform providing tools and processing services for charities around China and rest of the world.
  • LendKey Technologies develops a cloud-based platform which connects lenders with borrowers and facilitates online lending of loans.
  • PPDAI is an online platform for peer-to-peer small unsecured loans in China.
  • The first marketplace lender in the U.S, Prosper Marketplace helps people get on top of their finances.
  • Zopa offers peer-to-peer loans with low rates, flexible terms, and no early repayment fees.

Offices/Locations (1)

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  • Office

    Shanghai, Shanghai

    China

Past Team (1)

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