Souyidai, an internet financial platform under internet company Sohu, announced on Tuesday that its turnover has exceeded RMB 10 billion.
According to the official website of Souyidai, the platform’s total turnover has exceeded RMB 10 billion (approximately USD 1.55 billion) so far, with a highest monthly turnover of RMB 1.24 billion. The number of registered users on the platform has reached 140 million.
Souyidai will further develop products in the consumer finance industry and build an integrated ecosystem for credit payment, said He Jie, founder and CEO of Souyidai. According to He, this year, the company will launch an online consumer installment loan product named “Xiaohuli Fenqi”, or “small fox installments”, which can provide installment loan services to consumers.
He added that the platform plans to expand its business to the fields of e-commerce, gaming, education, tourism, and medical beauty in the future.
Launched in April 2014, Souyidai is a financial affiliate of internet giant Sohu. The platform mainly focuses on providing loans for consumers in vertical industries such as real estate and car sales.
Consumer finance is a growing industry in China. Data from the People’s Bank of China shows that consumer credit in China totaled RMB 18.9 trillion in 2015, an increase of 23.3% year over year. Souyidai is facing fierce competition from similar services, including Alipay’s Ant Check Later, JD.com’s Baitiao, and e-commerce giant Suning’s Renxingfu.
(Top photo from http://www.omm.com)