Chinese peer-to-peer (P2P) lending platform PPDAI Group filed documents for an IPO with the U.S. Securities and Exchange Commission during the weekend, saying that it aims to raise $350 million, domestic financial news site caixin.com reported on Monday.
The company is one of the oldest P2P platforms in China, having been founded in 2007.
It held a C-round of financing in April 2015, and it began making a profit in 2016.
Last year was one of adjustment for China's P2P industry, according to industry research site qianzhan.com. As of the end of 2016, the number of P2P platforms that were operating normally stood at 2,448, down by 985 compared with the previous year.
