Founded in 2011 and headquartered in Hangzhou, Weidai Ltd. operated one of China's largest peer-to-peer lending platforms, connecting individual investors with small and micro-enterprise owners who used their automobiles as collateral for loans. The company grew rapidly, becoming a prominent player in the fintech space and successfully launching an IPO on the New York Stock Exchange (NYSE: WEI) in 2018. However, following a nationwide crackdown by Chinese authorities on the P2P lending industry, Weidai's operations came under scrutiny. In May 2020, the company announced it was ceasing its online lending business and would be investigated for illegal fundraising, leading to its eventual delisting from the NYSE.

Founded in

China