Nov 07, 2018 (China Knowledge) - CFPA Microfinance Management, which is one of China’s largest microfinance players; has secured nearly USD 140 million in new funds through its series C funding round led by The Rise Fund.
The Rise Fund is one of the world’s largest funds that is committed to achieve positive social and environmental outcomes while maintaining competitive financial returns. It is managed by TPG Growth a global equity and middle market buyout platform run by alternative asset investment firm TPG.
The CFPA, which was founded by the China Foundation for Poverty Alleviation in 1996; brings microfinance solutions to poverty-stricken rural areas for production and consumption. Its notable investors also include Ant Financial and Sequoia Capital.
CFPA’s microfinance platform has reached to more than 380,000 customers in 91,000 villages in China, boasting a 22% year-on-year growth in net revenues.
The new funds will be used to support the company in its technology innovation, operational upgrades and bring greater access of its services to more people in the rural market. China is currently home to the largest unbanked population in the world, with nearly 500 million people with no access to financial systems.
CFPA Microfinance hopes to help the middle and low-income group in rural area to gain access to loans and become a bridge for rural financing.
Copyright © 2018 www.chinaknowledge.com
Send feedback or comments to: firstname.lastname@example.org
For more news, financial weekly reports, business guides to China and other premium information, subscribe to China Knowledge today: www.chinaknowledge.com
To access our page on Bloomberg, type CKFI