Chinese Online Lender Dianrong Cutting 2,000 Jobs

The recent challenges with the online lending industry in China have been well documented; the latest company to struggle is Shanghai-based Dianrong, founded by former LendingClub executive Soul Htite; they plan to lay off as many as 2,000 people and also close between 60 to 90 of their physical store locations as the company tries to reduce costs and comply with the Chinese government’s efforts to shrink the industry; the once high flying company was valued at $1.2 in their last funding round and had considered an IPO at one point. Source.

  • Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.

Sign up for our Newsletters

Every morning the Fintech Nexus News team scours the globe for the most important fintech stories of the day in the daily Global newsletter.

The Europe edition comes out on Monday, Wednesday, and Friday featuring the most important stories in European and UK fintech.

The Latin American newsletter arrives in your inbox on Tuesdays and Fridays. This is a trilingual newsletter featuring stories in Spanish, Portuguese, and English.

Join 20,000 subscribers!