DEG, the investment arm of German state-owned development bank KFW, has committed to extend a loan of CNH 100 million ($14 million) to China’s microfinance company Simple Credit Micro-Lending Co., Ltd. (Simple Credit), according to a disclosure.
Established in 2015 in Chongqing, Simple Credit is a microfinance company holding a nationwide internet lending licence in China. It positions itself as a tech-driven financial company with the aim of promoting financial inclusion.