Dianrong (Simplified Chinese: 点融网 | pinyin: Diǎnróng Wǎng) is an online marketplace lending company headquartered in Shanghai, China.
Named the “Lending Club of China”, the company was founded in 2012 by Soul Htite, co-founder and former CTO at Lending Club, who joined efforts with Kevin Guo, a PE fund partner and a lawyer from Shanghai to create a company similar to Lending Club in China.
Consequently, online lending platforms had to function strictly as intermediaries between those buying notes and those borrowing money.
[10][11][12] Even with this thinning of the ranks, there are still approximately 1,000 peer-to-peer companies in the Chinese market, "80 [to] 90 percent" of which "might go bust".
[9] In December 2018, the impact of the market and mainly regulatory changes[13] also affected Dianrong, which led to cash-flow issues resulting in layoffs and office closures.