Chinas leading peer-to-peer (P2P) lending platform Hexindai announced today it will acquire a 20% equity stake worth approximately $1.6 million in Indonesian Musketeer Group Inc., an online lending platform that offers consumer loans.

This acquisition marks Hexindai’s first cross-border investment as well as its first step to explore overseas opportunities in new high-growth markets. It also comes at extremely turbulent times for China’s P2P industry.

Founded in 2014, Hexindai is a P2P lending platform that introduces borrowers to investors. It was part of a wave of Chinese online lending platforms that have experienced a boom in recent years as local commercial banks are reluctant to supply loans to middle-class individuals. The company went public last year in the US along with a raft of microlenders such as Qudian, Lexin, PPDAI, and others.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.