China-based online lending platform QuantGroup intends to raise about $200m in an initial public offering that would give exits to diversified conglomerate Fosun and insurer Sunshine Insurance Group, Bloomberg has reported.
The company is currently seeking banks to handle the IPO, which will take place in the US according to people with knowledge of the matter.
QuantGroup has developed an online platform that offers a range of debt products including consumer loans, using big data and machine learning technology to weigh up risks attached to individual loans.
The company, which was one of the startups to emerge from the 2014 batch of software provider Microsoft’s Beijing accelerator, claimed to have more than 10 million users as of November 2016 when it raised $73m in a series C round led by Sunshine.
Fosun’s Fosun Capital unit also invested in the series C round, as did Guosen Hongsheng Investment, a subsidiary of financial services firm Guosen Securities.
Another Fosun subsidiary, Kinzon Capital, joined Banyan Capital and China Growth Capital to provide an undisclosed sum for QuantGroup’s 2014 series A round before the company added an undisclosed amount from investors including Zhixin Capital, Star VC and Oriental Fortune Capital the following year.