Dianrong Acquires Asset-Origination Operations of Quark FinanceJuly 13, 2017
Dianrong today announced the acquisition of Quark Finance’s asset-origination operations, including the new Credit Studio platform. This transaction will significantly expand and strengthen Dianrong’s existing asset-generation capabilities across China.
Quark Finance operates 71 borrower service centers in 47 Chinese cities. These centers provide comprehensive loan underwriting data collection and servicing. Dianrong already operates 28 technology-enabled borrower service centers in 27 cities in China.
Additionally, Quark Finance owns and operates Credit Studio, a platform that provides data analysis through automated and human interactions to achieve mass-production credit evaluations and processing. Credit Studio leverages Dianrong’s technology to minimize manual activities and lower operational risks, expenses and processing time. Marketplace-lending assets generated by Credit Studio are available to Dianrong and Quark Finance lenders.
By combining Quark Finance’s borrower network with Dianrong’s existing local footprint and fintech capabilities, Dianrong is adding significant scale to its overall asset-generation capabilities. The combination also adds new distribution channels for Dianrong’s borrower lending products and services.
“Quark Finance is a long-time, trusted business partner of Dianrong. Our organizations share a passion for fintech innovation, risk management and transparency,” said Soul Htite, founder and CEO of Dianrong. “This acquisition will complement and enhance Dianrong’s pipeline of personal and business loan assets. It will also help to us to better serve borrowers and lenders, and drive continued business growth.”
“Dianrong’s leadership, engineers and customer-focused employees are the best in fintech. They are continuously driving innovation and creative solutions for China’s marketplace lending industry,” said Joseph Guo, Ph.D., founder and CEO of Quark Finance. “Dianrong is the perfect home for our asset-generation platform. This move also represents another important step in the development of China’s evolving credit infrastructure.”
Quark Finance’s asset-origination employees and offices, including the Credit Studio platform, will transfer to Dianrong upon closing, which is expected in the third quarter of 2017. Quark’s affected operations are not expected to change significantly as a result of the acquisition.