Funding round values P2P lender Lufax at almost $10bn

Peer-to-peer lender Lufax recently completed a US$485 million round of funding pushes the value of the company to nearly US$10 billion, The Wall Street Journal reported, citing unnamed sources. BlackPine Private Equity Partners, a five-year-old firm focused on China and countries nearby, is providing the bulk of the funding, people familiar with the matter said. That leaves early backer Ping An Insurance (2318.HKG, 601318.SHA) with a minority stake in Lufax, one of China’s largest peer-to-peer lenders which connects individual investors with borrowers for loans of around US$10,000.