What happened: Ping An Insurance-backed peer-to-peer (P2P) lender Lufax has raised a $1.3 billion Series C, bringing its valuation to $39.4 billion. Ping An confirmed the funding in its 2018 earnings report on Tuesday. The funding will go into operations, international expansion, and technological innovation—specifically in areas such as big data, AI, and blockchain, according to a market participant.
Why it’s important: In December, unconfirmed reports suggested that Lufax closed the $1.3 billion funding round at a valuation below expectations. The fintech company was originally targeting a $40 billion valuation. Lufax is one of China’s largest online lenders, which, as of December, had over 40 million registered users. The company planned to go public in Hong Kong last year but decided to postpone its listing as authorities tightened rules around P2P lending sector.