|Vision Credit Announces Series C Funding Round led by TPG Growth|
Fort Worth, Texas and San Francisco, October 16, 2017 – Vision Credit, one of China’s leading omni-channel consumer finance providers, announced today that it has raised a Series C round of financing led by TPG Growth, the middle market and growth equity platform of global alternative asset firm TPG. Additional terms of the funding round were not disclosed.
“Our core objective is to provide consumers with a set of tailored, structured, and risk-conscious financing options that enable them to pursue their interests, preferences, and passions,” said Stephen Liu, Founder and CEO of Vision Credit. “We are achieving this by building an omni-channel business that is compliant, creative, and accessible to customers across the country. The support of our new partner, TPG Growth – a firm with deep experience growing and enhancing tech-enabled, platform businesses – demonstrates a conviction and confidence in our momentum. We look forward to leveraging their insight, most immediately in our efforts to expand our online business.”
Vision Credit provides FinTech financing services to consumers across China. In addition to developing online financing products and services tailored to different types of consumers and their borrowing needs, Vision Credit also operates over 90 branches. Its mobile apps have more than 40 million downloads, covering products including Kaka Credit, which helps customers pay off credit cards by granting them a “stand-by” credit line; Doudou Cash, which serves the young working class; and Star Credit, which targets borrowers with an associate degree. Vision Credit also partners with other consumer service providers that traditionally lack independent financing options for their customers. For instance, the company works with China Mobile to provide customers with installment options for mobile phone purchases. More than 25 million applications have been processed by Vision Credit to-date.
“China’s credit population – driven by rising consumer competency and appetite for spending – is steadily growing, but there is a lack of nimble infrastructure in place to support and empower that growth. This has created a compelling opportunity for investment in best-in-class players that are active in the consumer credit space,” said Derek Chen, Partner at TPG Growth. “Led by a highly-experienced and skilled management team, Vision Credit has built a dynamic, omni-channel business with a strong focus on credit risk management. We look forward to working closely with management to expand the company’s online presence.”
TPG has been investing in Asia for more than 20 years, and has partnered with a wide range of financial services companies across the region. Past and present investments include China International Capital Corporation (CICC), China’s first joint venture investment bank; Janalakshmi, one of India’s largest urban-focused micro-finance lenders; and Union Bank of Colombo, a leading private sector commercial bank in Sri Lanka. Across the globe, the firm has also invested in some of today’s most innovative, tech-enabled platforms, including leading Korean mobility service Kakao Mobility, and global accommodation sharing platform Airbnb.
About TPG Growth
TPG Growth is the middle market and growth equity investment platform of TPG, the global alternative asset firm. With more than $8.3 billion of assets under management, TPG Growth targets investments in a broad range of industries and geographies. TPG Growth has the deep sector knowledge, operational resources, and global experience to drive value creation, and help companies reach their full potential. The firm is backed by the resources of TPG, which has more than $73 billion of assets under management. For more information, visit www.tpg.com.