(Yicai Global) July 11 -- Peer-to-peer lender Yiren Digital, formerly known as Yirendai, plans to acquire online supply chain financing platform Daokoudai Technology to offer an all-in-one service to small and medium-sized businesses.
The Beijing-based companies will combine their fintech capabilities and data resources to enhance their risk prevention and management skills, Yiren Digital's parent company Yiren Finance said on its website today.
Yiren Digital, which provides personal borrowing and consulting services, was the first Chinese fintech firm to go public in the US, listing on the New York Stock Exchange in December 2015.
Its net profit fell 31 percent to CNY369 million (USD53.7 million) in the first quarter from a year earlier on a 47 percent decline in net income to CNY2 billion, according to its earnings report. The company extended CNY11 billion (USD1.6 billion) in loans in the same period.
Daokoudai Technology, controlled by Tsinghua Holdings, provides financing and wealth management services. As of yesterday, its total transactions had reached CNY12 billion, with CNY364 million of interest paid, an outstanding loan balance of CNY1.2 billion and CNY43 million in interest to be paid, according to its website.