17 Reputable P2P Lending FinTechs That Failed

On July 18, Reuters reported that Lufax, one of China’s largest online wealth management platforms, planned to exit its peer-to-peer (P2P) lending business. This comes amongst China’s massive crackdown on several companies to contain broader financial risks. Initially, a lack of regulation resulted in a surge of such platforms, even peaking at 4000 in 2015 at an estimated value of $130.7 billion. In late 2015, a lending giant of those times, Ezubao caught the attention of the media. The company turned out to be at the helm of a Ponzi scheme and duped over 0.9 million investors. Since then, the high number of P2P startups has fallen to less ...

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