China peer-to-peer lender Lufax's fundraising values it at US$18b

Beijing

LUFAX, a Chinese peer-to-peer lender and broker, is close to completing a round of fundraising valuing the company at about US$18 billion, securing its position as the world's most valuable financial technology startup, people with knowledge of the matter said.

The company, which recently changed its name to Lu.com, is raising almost US$1 billion by selling a stake of about 5 per cent to a group of Chinese and overseas investors, according to one of the sources. Lufax attracted investor demand for about five times the amount that it raised, the source said, asking not to be identified as the information is private.