Deals
Ping An's Lufax Close to Raising Funds at $18 Billion Value
- Company selling about 5 percent stake for almost $1 billion
- P2P broker drew demand for five times the amount it raised
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Lufax, a Chinese peer-to-peer lender and broker, is close to completing a round of fundraising valuing the company at about $18 billion, securing its position as the world’s most valuable financial technology startup, people with knowledge of the matter said.
The company, which recently changed its name to Lu.com, is raising almost $1 billion by selling a stake of about 5 percent to a group of Chinese and overseas investors, according to one of the people. Lufax attracted investor demand for about five times the amount it raised, the person said, asking not to be identified as the information is private.