Fundraising for internet finance platforms is declining

The fundraising amount for internet finance platforms, including online lending platforms.

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The fundraising amount for internet finance platforms, including online lending platforms, cryptocurrency mining firms and blockchain-based payment system operators, dropped to 2.174 billion yuan (US$330 million) in September, representing a 44 per cent and 55 per cent drop respectively from August’s 3.86 billion yuan and July’s 4.85 billion yuan, according to latest estimates by Online Lending House, one of China’s largest internet financing data sites.

The financing deals for virtual currency-related start-ups had occurred before the Chinese authorities launched a crackdown on domestic trading in virtual currency in early September.

Chinese investors fume over Beijing’s bitcoin crackdown

Meantime, the total volume of online lending, which includes loans from individuals to individuals or to businesses through online platforms, also shrank in September.

The number of transactions recorded by online lenders fell 2.2 per cent in September to 194.2 billion from August, with Zhejiang province posting a more than 40 per cent plunge, according to separate data from financing and loan service site rong360 on Tuesday.

In September, 50 online lenders ran into difficulties, which was double the number for August. Among them, 23 experienced difficulties in paying back users for their money, 12 suspended their businesses, while eight saw their bosses flee the business.

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