China Rapid Finance, a Shanghai-based peer-to-peer lender, is planning to raise at least $100 million in an initial public offering in the U.S., people familiar with the matter said.
The company, which raised $20 million at a pre-money valuation of $1 billion in November, could hold the IPO as soon as this year, the people said, asking not to be identified because the information is private. The money will be used to fund expansion in China, one of the people said. The company declined to comment in an e-mailed statement.
China Rapid Finance is one of the largest players in a domestic online lending industry that’s exploded in recent years, as a growing middle class seeks a better return on investments beyond what state banks offer. Despite seeing a shakeout last year, transactions in…