News

Baidu investment platform gains funding for spin-off

Baidu_buildingChinese search engine Baidu is spinning off its consumer lending and wealth management platform as a separate entity backed by private equity funding. Investors led by US-based TPG will provide $1.9 billion to the unit, which was formerly known as Baidu's financial services group and will be renamed Du Xiao Man. The deal reportedly values the business at $4 billion. “As savings and lending activities move online, technology companies are able to use their big data analytics to offer flexible micro-financing to the younger generation of consumers,” said Chang Sun, TPG managing partner, China. “Baidu financial services group is using technology and advanced analytics to capture on this exciting growth opportunity.” Du Xiao Man is characteristic of a new breed of financial technology ventures being pioneered in China, where there is a high demand for innovative financial services. According to a survey by J. Walter Thompson Intelligence, 77% of Chinese consumers are interested in alternative banking and payments. Ant Financial, the financial arm of Chinese internet giant Alibaba, is seen as the market leader and has been described as the most valuable fintech company in the world. ©2018 funds global asia

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