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SHANGHAI, July 13, 2017 /PRNewswire/ -- Dianrong today announced the acquisition of Quark Finance's asset-origination operations, including the new Credit Studio platform. This transaction will significantly expand and strengthen Dianrong's existing asset-generation capabilities across China.
Quark Finance operates 71 borrower service centers in 47 Chinese cities. These centers provide comprehensive loan underwriting data collection and servicing. Dianrong already operates 28 technology-enabled borrower service centers in 27 cities in China.
Additionally, Quark Finance owns and operates Credit Studio, a platform that provides data analysis through automated and human interactions to achieve mass-production credit evaluations and processing. Credit Studio leverages Dianrong's technology to minimize manual activities and lower operational risks, expenses and processing time. Marketplace-lending assets generated by Credit Studio are available to Dianrong and Quark Finance lenders.
By combining Quark Finance's borrower network with Dianrong's existing local footprint and fintech capabilities, Dianrong is adding significant scale to its overall asset-generation capabilities. The combination also adds new distribution channels for Dianrong's borrower lending products and services.
"Quark Finance is a long-time, trusted business partner of Dianrong. Our organizations share a passion for fintech innovation, risk management and transparency," said Soul Htite, founder and CEO of Dianrong. "This acquisition will complement and enhance Dianrong's pipeline of personal and business loan assets. It will also help to us to better serve borrowers and lenders, and drive continued business growth."
"Dianrong's leadership, engineers and customer-focused employees are the best in fintech. They are continuously driving innovation and creative solutions for China's marketplace lending industry," said Joseph Guo, Ph.D., founder and CEO of Quark Finance. "Dianrong is the perfect home for our asset-generation platform. This move also represents another important step in the development of China's evolving credit infrastructure."
Quark Finance's asset-origination employees and offices, including the Credit Studio platform, will transfer to Dianrong upon closing, which is expected in the third quarter of 2017. Quark's affected operations are not expected to change significantly as a result of the acquisition.
About Dianrong
Dianrong, a leader in online marketplace lending in China, originates US$500 million in monthly assets for 4 million retail lenders. Founded in 2012, Dianrong offers individuals and small and medium-sized enterprises a comprehensive, one-stop financial platform supported by industryleading technology, compliance and transparency. The company's sophisticated and flexible infrastructure enables it to design and customize lending and borrowing products and services, based on industry-specific data and insights, all supported by online risk-management and operation tools. Dianrong's specific offerings include loan originations, investment products and marketplace lending solutions. Dianrong was named in 2016 to the executive directorship of the National Internet Finance Association of China, led by the People's Bank of China. Based in Shanghai, Dianrong has 28 offices across China and employs approximately 3,500 professionals, including 600 full-time fintech engineers. For more information, please visit www.dianrong.com/en.
About Quark Finance
Quark Finance is a leading Chinese financial services company focused on consumer finance and risk management. Its principle business segments are personal and small business loans, point-of-sale installments, and auto finance. The headquarters is in Shanghai and Quark's businesses cover all major cities in Mainland China. Quark was named in 2016 to the directorship of the National Internet Finance Association of China and also selected as one of KPMG China's Top 50 financial technology companies at the same year. For more information, please visit www.quarkfinance.com.
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