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FirstP2P (网信理财)

Fintech / P2P lendingChina
New to Unitard
💀 Dead / Bankrupt
Peak $2 BillionToday
~-100%
from peak
  1. 🦄
    Became a unicorn
    Sep 2016
  2. 📈
    Peak valuation
    $2 Billion ’16
  3. 💔
    Became a Unitard
    Jul 2019
  4. 💸
    Last valuation
    Wiped out
Capital raised
$111M
Total raised
$50.3K/day
Raised per day

Total raised averaged per day over approximately 6.0 years from founding to bankruptcy or shutdown. This is not measured cash burn. Methodology

Funding: Disclosed rounds: $41M Series B (Anue/36Kr, July 2015) + $70M Series C (Global Venturing, Sept 2016); Series A undisclosed
Current status
Platform (renamed 网信普惠) halted withdrawals on July 3, 2019 and admitted overdue loans; it wound down as China's P2P lending sector was cleared by late 2020

The rise & fall

9 moments · 2013–2020

The key moments.

Jul 2013
Launched in Beijing
The platform starts inside the 网信 finance group, with P2P lending as its core business.
Anue (cnyes)
Jul 27 ’15
$41M Series B
San Shan Capital, CITIC Capital and Xinzhongli invest; CCB International had backed the Series A.
36Kr
Sep 21 ’16
The peak: $70M Series C at a reported $2B$2B
CCB International and San Shan Capital take part; Global Venturing cites local media reports for the $2B post-money valuation.
Global Venturing
May 31 ’19
RMB 164B lent, RMB 5.9B outstanding
Disclosures show 5.56 million loans arranged and 150,900 lenders still owed money as China pressed P2P platforms to register or exit.
The Paper
Jun 25 ’19
Group CEO steps down
Sheng Jia, CEO since July 2013, is replaced as legal representative and chief executive of the 网信 group by Zhao Huimin.
The Paper
Jul 3 ’19
Withdrawals halted — joins the Unitard Club 💔
The platform suspends withdrawals and large top-ups, citing a custodian-bank system upgrade.
The Paper
Jul 4 ’19
Group admits overdue loans
The group says it faces small-scale overdue loans and is pursuing collections; RMB 6.25B of principal and interest was outstanding at May 31.
Jiemian
Oct 2019
About RMB 340M repaid
36Kr reports RMB 5.895B owed to 142,300 lenders at June 30 and most group assets pledged or frozen.
36Kr
Nov 7 ’20
China's P2P sector all but gone
The banking regulator says three P2P platforms remain, down from about 5,000 at the peak.
Caixin
$2Bof peak value erased · 6 years

How it happened

FirstP2P, later renamed 网信理财 (Wangxin Licai) and then 网信普惠, was a Beijing peer-to-peer lending platform set up in July 2013 inside the 网信 finance group. It matched retail investors with consumer, auto, mortgage and leasing loans to small businesses.

After a $41M Series B in 2015, it raised $70M in September 2016 with CCB International and San Shan Capital. Global Venturing, citing local media reports, put that round's post-money valuation at $2B. By May 2019 the platform had arranged RMB 164.3B of loans.

On July 3, 2019 it suspended withdrawals, and the group admitted overdue loans with about RMB 5.9B still owed to lenders. 36Kr reported only about RMB 340M repaid by October, and the platform wound down as China cleared its P2P sector.

Source: Global Venturing (Sept 21, 2016): $70M Series C with CCB International and San Shan Capital Partners, closed at a $2B post-money valuation according to local media reports (round reported by China Money Network); FinTech Global (Sept 21, 2016): reportedly values the company at $2bn according to Chinese media; the original Chinese-language valuation report was not located. Anue/cnyes (July 27, 2015): $41M Series B from San Shan, CITIC Capital and Xinzhongli; platform established July 2013 inside the 网信 finance group. The Paper (July 4, 2019): RMB 164.3B cumulative lending and RMB 5.9B outstanding as of May 31; withdrawals suspended July 3; group admitted small-scale overdue loans July 4. Jiemian (July 2019): RMB 6.25B of principal and interest outstanding; 2018 revenue down 44%. 36Kr (Oct 6, 2019): about RMB 340M repaid after July 4; RMB 5.895B owed to 142,300 lenders at June 30; group assets largely pledged or frozen. Caixin (Nov 7, 2020): regulator says three P2P platforms remain of about 5,000.

Who ran it

  • Sheng Jia (盛佳)
    CEO of the 网信 group, 2013-2019 (led at peak)
    No public profile matched

Disclosed investors (4)

Historical funding participation; lists may be incomplete and do not establish current ownership or investor losses.

* Lead in a funding round · Crunchbase ↗ · 2026-10-22 · Methodology · Leaderboard

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