X Financial, which operates a peer-to-peer lending platform in China, filed on Tuesday with the SEC to raise up to $250 million in an initial public offering.
For borrowers, the company's major loan products include Xiaoying Card Loan, a credit card balance transfer product, and Xiaoying Preferred Loan, a high-credit-limit unsecured loan product. For investors, X Financial operates the Xiaoying Wealth Management platform, which is differentiated by its insurance protection offering.
The Shenzhen, China-based company was founded in 2014 and booked $445 million in revenue for the 12 months ended June 30, 2018. It plans to list on the NYSE under the symbol XYF. X Financial filed confidentially on January 8, 2018. Deutsche Bank and Morgan Stanley are the joint bookrunners on the deal. No pricing terms were disclosed.
