Shanghai-based fintech company Lufax Holding has completed its series C fundraising, bringing its valuation to US$39.4 billion, its parent company Ping An Insurance Group revealed in its annual report for 2018.
Lufax, which was set up in 2012 by Ping An to enhance its presence in fintech and healthtech, raised $ 1.3 billion in this round from investors including Qatar’s sovereign fund Qatar Investment Authority, Hong Kong’s All-Stars Investment, China’s Primavera Capital Group, Japanese financial firm SBI Holdings, Yicai Global reported, citing an unnamed banker.
Lufax Holding maintained steady profit growth with businesses in wealth management, retail lending, and government finance, according to the annual report. The firm has reported being profitable since mid-2017 and is preparing for an IPO.
At the end of 2018, it had 40.35 million registered users on its platform, up 19.3% from the beginning of 2018. Assets under management dropped by 20.0% from the beginning of 2018 to RMB 369.4 billion (US$55 billion) due to an asset structure adjustment and product cleanup, said the annual report.
In retail lending, Lufax Holding has provided financing services to over 10 million customers, with RMB 375 billion (US$55.9 billion) in loans under management, according to the annual report.
In addition, Lufax Holding has built cloud platforms for provincial and municipal governments across China, including Nanning, Changsha, and Shenzhen, providing them with customized smart fiscal management solutions.