ECONOMÍA ABIERTA

CHINESE FINTECH X FINANCIAL FILES FOR $250 MILLION IPO: Chinese peer-to-peer (P2P) lending platform X Financial is set for a public listing in New York. According to a prospectus filed with the Securities and Exchange Commission (SEC), the fintech intends to raise up to $250 million in the initial public offering (IPO). The Shenzhen-based firm is the largest supplier of credit card balance transfer loan products in China, per its outstanding loan balance, and as of June 30, it’s the third-largest fintech lender among those that offer unsecured high-credit limit loans, according to an Oliver Wyman report cited in the prospectus. Founded in 2014, the company reported total facilitated loans of $5.1 billion in 2017 and $2.97 billion in the first six months of 2018. X Financial has grown significantly since its launch — revenue for last year came in at $270 million, and it’s already surpassed that figure in 2018, with $279 million in revenue in the first half of the year. While China’s retail consumption is booming — it stood at $5.7 trillion in 2017 and is expected to surpass the US by the end of this year — there remains a significant population who lack access to financial services. This makes the Chinese consumer finance market a promising segment for fintechs, as X Financial’s considerable growth has shown.

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