3 billion yuan of loans! A credit card 'madman' excavated from spam 'gold mine'dark horse, said: mailbox bunch of credit card bills, in my eyes you just rubbish, but entrepreneurs Sun Haitao here but worth 300 million US dollars. This figure is the founder of Sun Haitao 2 years of business \u0026 ldquo; 51 credit card \u0026 rdquo; the current valuation. And just, he received a lead investor GGV $ 50 million B round of financing. A small software, 36 million downloads, as well as 35 million credit card data binding, forming a huge database. It can clearly tell Sun Haitao, in this country of 1.3 billion people, the most like \u0026 ldquo; borrow money \u0026 rdquo; a group of people is what he looks like. More men are willing to pay 18 percent, and even higher interest rates, just want to get the money faster! According to data of the credit card bill endorsement, Sun Haitao fastest possible release of the loan they need in three minutes. Just one year, 51 credit card lending business is a good 3.0 billion. Ferrari has a rapid and 20 credit cards, he always remind myself, even if the money has to find a way to owe money, the only way to become a super credit card \u0026 ldquo; big players \u0026 rdquo ;. Figure left of the Song Liangjing Thai joint venture, in Sun Haitao right GGV partner Jenny Lee. Oral / Sun Haitao finishing / Rui we did three years only played it a little bit of use of our products in the major APP market, which is a very high profile in the Apple store, in addition to Alipay financial class that we, of course, Several large banks, all of APP inside, we basically are ranked second. Our three-year growth is very fast in the market, we have about 15% to 20% share in the management of today's active credit card bill in China. His money every month to buy anything, these bills have in our APP management, these data have a very large applications. Of course, today we did a three-year period, but plays it a little bit of use. I am prepared to spend 20 minutes today, the simple process of growth of our company and my own personal situation with you start to do some communication, the next six months I will put the idea to achieve a more cattle, probably a few months time. The road when a credit card when forced to buy equipment business inspiration come! I graduated in Hangzhou, Hangzhou Electronic Institute of Technology, is that schools teach Ma, I graduated from college in 2002, a student of business administration. 2004 founded the first company called E city, 3D maps, is a painting a house it sent out, this company for three years. Then hot-headed and do a second company called rent treasure, that consume me four or five years of our lives, a tiring business. When I was the third company in transition, my money is running out, I then do the Nike Shoes four credit card, the company credit card to buy a server I, when I bought a better server, 40000 dollars a station, Stages 36, so long as a month to pay a little money enough. In my own business, the business process, I have to use a credit card in full. So many credit card bills in the mail inside data into spam, I'm lazy, never see. Suddenly one day, I carefully looked at that information and found that there is all kinds of information are very valuable. I wanted to have it utilized, is such an idea, I made a final decision. Although the time I left very little money, but I feel that I must put the hub, if these companies do not come out, I do not know that I would not go back entrepreneurship. My credit card in the early dramatic founded strong at that point in time, I'm afraid a lot of people are opposed to inside the company, because people look at you founded several companies, it seems every company not done much dry. So I persuaded four colleagues inside the company to Hangzhou hotel together, turn off the phone with some clothes. We have designers, we have a front-end product people, and then we went inside the hotel do a full one month, did not go home. So we made the first APP, is 51 credit cards. Look for those, like me, love \u0026 ldquo; owe money \u0026 rdquo; people are very early days, I feel it is applied, because the user of the mailbox a binding, all the bills come, I want to enter the process so much information I feel very satisfied. At that time the early financing is also very tired, people see you this tool does not know how you make money, I have great confidence that I see a lot of users every day to get a lot of bills come in, I basically would be born a few strokes per user credit card transactions in one place, this information so I always felt it was a useful thing. But then the company very few people, then put the basic framework of the company is formed, probably a few 10, 20 people. This is 12 years of April and May. 2013. We quickly completed the A round of financing is CPT capital, as well as SIG, as well as clean capital, they quickly put into our company inside. At that time we still do not know what the future of this company is to make money, but I only know this APP is useful, use is very wide, especially for those with credit cards more than 2,3 people. As an entrepreneur myself, I now open my APP inside, and my wife's credit card, I'm a total of 20, I applied to the extreme. I also remind myself that even if I had enough money, I also think of ways to owe money, I feel the purpose to find. Basically in all markets APP credit card management, I believe that no other company, although some companies have copied our revenue, but also to engage in management bills, the most recent QQ mailbox are doing this to try products, but I think they do But we, the main reason is their project responsible or the CEO, they can not put themselves in a play card play a lot, and owe a lot of money under the circumstances, the place where hundreds of thousands of treasure inside, earned 8% of revenue, he thought it high, and I am here to borrow money to pay a divided of 18% of the interest charge, which is typical of credit card users. Detour not recognize the user, we wasted a year when we discovered characteristics of the user's credit card when, in the early days, we actually still working hard to make the product. In 2013, we got the A round of investment of time, then there is a small detour is that we spend a lot of time that year to integrate the various bank credit card, spend a lot of money to engage in promotions, what Starbucks, Today, to the Air Jordan 19 hotel, the hotel tomorrow to 50% off the individual activities, we want to integrate it well, an open APP, each card has a very high amount, in this matter we take a one-year period, which can be considered a small detour. (Dark Horse said: After the Sun Haitao to black Marco explains why this is a detour, because it was found that users of these special offers are not interested, the conversion rate is very low black Marco also noted that the credit card of the user data 51. male to female ratio is 2:! 1 and Shipping Information is obviously not \u0026 ldquo; borrowings M \u0026 rdquo; dish) in this process, we have made a credit card offer, the situation is not particularly good. At that time our partners background is better, because he is in the bank's long-term business credit card, he knows Bank issued one million, he could talk only on profit, profit he is because he found that one million credit cards There are 200,000 users are very owe, pay interest, which is the accumulation of bank credit card feature is that most of his users to pay back the money on time every month, never owe, he was not making money. This is a key point of the credit card business. When we look at our data users, those users have 3,4 cards, even like me, have 7-8 cards, there are many people, who are they? Then we look at a simple analysis, these are the people a small business to open shop, one is paycheck to paycheck, they can spend enough money, because his monthly salary is stable, and the annual turnover will be up a lot, so he was not afraid of his own money to repay, he wants to do is try to get their own credit cards and more, and then after he thought about life, and then he slowly repayment, slowly staging. This is our subsequent data analysis for credit card users and our own judgment. After a day in cooperation with the P2P lending 14 million from the beginning, we will try with Chinese P2P of larger companies, they line under 3,4 thousands of business people, one year down; the right path by credit card \u0026 ldquo; \u0026 rdquo endorsement He borrowed money to acquire 40,50 thousands of users. In my user inside, each user has 3,4 credit cards, then we analyze, basically 70%, 80% of the user base, constitute the cost of his bill each record, you're on a stage recently Interest repayment amount is how much it will be able to work out a count, count how much money he owes, he scored 36 stages, today is the first of several of those bills are able to make calculations. So analyze our customers, they are accustomed to pay, he felt in the bank to pay 18% of loans classified products, in fact, it is very affordable, because he online the next one is borrow one is very troublesome, the first He borrowed the words of two P2P overall interest may exceed 30%, so the credit card user base feature is that we find here, the user APP features of interest payments. From 2013 we started to try to do the card APP to users, we will hold several big firms head office, they do card online channels built into us, we spent almost three months time, we become several big line, like GF, Bank of Communications, which they all do card network channels, including their own Baidu inside, we basically are the first, the business is very profitable, this is what just happened this year. We also did another one business, we are with P2P companies, we pioneered a model, does not require someone to participate, he APP inside, inside his credit card bill already told Air Jordan 1 you, he's amount is 100 000, on months already spent 40,000, banks have lent him 40,000 a. If you say in the APP, I would like to Air Jordan 14 Retro take you 20,000, for us, P2P audit company nothing more than what the person has no other risk, if OK, then with the cast about, P2P give him the aid of 20,000 dollars He divided into 24, we give him the credit card interest is basically the same. The business we do is very good, from the beginning to try to start again in May, to put some of these loans, and now in January, we are very stable day to more than 10 million of the loan amount, and these are online, Early on the phone just to do the audit, to post some good, we are based on your data, your credit history, user management him on my side, but, for us, this is actually managing his credit. \u0026 Ldquo; instantaneous Credit \u0026 rdquo; in 14 years on the line, it is the whole development speed completely beyond our imagination, in August we lend breaking 100 million, the latest data is December 30, 2014 we instantaneous mortgage lenders broke 800 million . We say that this business concept is great, if you can put the money 10 million a day online, then only a few months time, which can be considered a large P2P in China. Our advantage is not only a way to use the Internet to read some of your bills online. Meanwhile, we also can use the Internet access to customers, which is our potential advantage, because we look after accumulated tens of millions of users, found that 10 million people in the team to do under the family line, get 40, 50 million users a year, for us That's half the time it can collect so many users. You have to do is to audit the man, you can not give him a sum of borrowed money online. In general, conventional loans are lines, very troublesome. This is what we do these operations in 2014, it was very successful. We now have similar characteristics with APP inside us, whether it is from the number of users using our financing, including the market value of profits of 50 million, as well as our company, should all be the first, I think this is very proud a. Of course, I think it would be another six months, I realized that idea, I can Air Jordan 8 Retro look at another cow. Love to borrow money for the future development of the software is actually lending people more personalized user characteristics are such that it is a credit platform, In it, China is no internet there are a lot of people are in favor of borrowing money. Our management by credit card, so most of the people screened, they love to pay interest, and the interest is 18%. Our next product innovation, now in the Android Market version millet man named behalf of the repayment of which is now in its initial release, it is our own design of a credit product, it is of interest to individual users. Interest on money you borrowed future is 13%, that person is probably 20 percent to borrow money. Of course, we use such a credit platform, in fact, intended to open up next to it, you can follow more of P2P companies, loans put you on my side now you may like to put 50,000 dollars, to cash, there may be is like to put short-term, small amount of high-risk groups, interest may do more than 20%. In fact, by this time, we have a tool from the APP management of credit card bills in the past, it has grown into a particular cow, a typical pattern of Internet finance. And the United States did not. Wind control bad debt rate was only nine thousandths probably the biggest change that we are over here from the tool to financial services. If we add the financial future of the service on the inside, it will lead to the faster you run, the faster you die, because the risk factor is always uncertain, will lag. So we have spent the next year, has been verified in our current credit risk control crowd inside the line, and our approach is very effective. In the last month statistics a bit, probably more than 10,000 users to date bad debt rate of about nine thousandths, such data to my partner stunned. So do not rule in 2015 there will be a lot of companies are trying to enter the online user to lenders, it is to lend money to customers. This is essentially a micro-credit line voice, the voice in the market space is very large, it may be banks do business, from the moment, only credit cards, but also the proportion of people actually have 100 million credit cards cardholders, and more people should have a credit card, but due to too much trouble to do the card, or the requirements of banks is too high and so on, you do not have a credit card, so you have no way to enjoy the use of credit to improve their lives. Like our next flagship product in this area which will not be ruled out next year will run out 10, 20 also do the same business, but because the market is too large, the better I feel there is no relationship. 51 next character: to restore the true financial line under one in front of me have been saying that from the current APP inside, we now have a more aggressive lending methods in the test than our 51 credit cards, which I probably have done it six months, and now has the beta version of Android, called 51 character. APP essence of our approach is to find ways on by your credit card bill is not only data, but also in my APP management of your credit report, your data provident fund account, your savings card, water and so on, we do Many service management data. At the same time we are also in the calculation of your character. And our credit card more constant can manage your PayPal account, your credit card, you can manage the line you pay card, which is integrated offline data. We integrate well after the fact, a user can quickly help you calculate what is probably the financial level, so I do not ask your name, how you work, your family has no room, there is no car, they all Do not ask questions, I just need your phone number to test APP, QQ verify, verify Weibo, you want to improve character, that bind at several accounts, just like the bank inside, you need to pass a cattle driving license to him, he gives you the amount rose to 50,000, or to get a real estate license to him, to give you up tens of thousands. In our APP inside there as long as you manage your account more data, we can calculate that he was not able to rise even more, so that you can maximize the reduction of a person in the whole line of social and financial resources Level. We then put it orderly called character, the user can quickly get through the period when we calculated the character, the loan amount money, you can achieve a good investment in me, even without additional, should not be tied letter, quick and drops a taxi these are not a problem business, which is our next business, now is the stage notice, do it will do publicity, thank you. Background 51 credit card is a credit card on-line management in 2012 APP, the first in the clouds through intelligent analysis of electronic bill be implemented with cardholder information management and intelligent management of personal finances. Extension of financial services, including credit card handling, credit, finance these functions. Products in 2012 on the line, with a two-year period has completed several rounds of financing. During the months of the product line, we have received angel investment, probably in 13 years in May, when completed our A round of investment, 13 years in December, when Nike Basketball completed A + investment. By the end of last year, our APP has racked up 36 million downloads and management of 35 million credit cards. Founding team, the founder Mr. Sun Haitao is an entrepreneurial veteran of the Internet industry. Another co-founder is also very experienced in the credit card industry has the experience, the Guangdong Development Bank, Hangzhou Branch, vice president of investment credit cards, has 12 years of business experience in this industry. CTO is a technical large coffee. Answers Question: Do you now estimate about how much money? Sun Haitao: nearly 300 million dollars. We own it is a tool, then we are one hundred million dollars, but many people do not believe, do not fly this thing, worth so much money. When we went into financial products, its value will rise. In the near future, I was exposed to a lot of investors, they always say to me, let you accidentally picked up a gold mine. This is mainly from the credit point of view to enlarge its value, its space will be very large, if you just take it as a tool, it is a management thing people's accounts data, and that its value is very limited. Question: Do you get a few points from the other side of P2P into? Sun Haitao: We are now about 1-2 points, depending on your loan period. Question: You just mentioned the bad debt rate is very low, about what kinds of bad debts occur under the circumstances? Sun Haitao: mainly the agency. In our system which, in the latter we will have many ways to judge him is not an intermediary, you are an intermediary, your phone will log in a lot of accounts, we will not disturb you, we will put all of the features of your agency data accumulation, such as your's IP, the number of your device and you have logged several credit card accounts which is what the name of the person, then you operate more behind that we will remember, these are the intermediaries in operation We'll give him a blacklist, in the inside of his review might not pass. Question: You are now set up a P2P company yet? Sun Haitao: Now that we've laid the framework, and there I have a product that we import P2P services do. Question: You mentioned personal credit problems, as people product, Nike Air Max this character involves a personal issue credit license issued by the central bank, do you have to do work in this area? Sun Haitao: This is certainly in preparation, but our credit may be more on my own business, I do not need the development to third parties. Credit license is that you can put the whole society credit data sharing. I do my own credit system, is my products in my APP use, is relatively closed, if we someday get a license, then we do not rule out opening up, but we they will use their business to try to calculate, you figure out what do not fly. Question: This product is completely instantaneous loans 51 Credit cards do you own? Or how to cooperate? Sun Haitao: We are cooperation, we have not done before direct loans, so we let the letter should bear the risk, such as two points we earn owned gold, in fact, there is a lot of, you take 40,000, a single It can make 800, but without its risks. GGV partner Jenny: Front is our capital side is cooperation. Sun Haitao: end funds are advised letter out, and then we fund jointly developed a system, which is deployed on my server, users say I want to borrow, then he has to authorize, our system can read his bill each kind of comprehensive data, it agreed the future, even if we associate a value, and finally put the lender's decision is not appropriate letter in the hands of risk control. Question: I see part of the APP is the borrower under the line, this part is how so? Sun Haitao: These belong to the old example of a pattern of channels, for example, there are a lot of good loans net, there are a variety of bank loans to the launch of this line, I have a lot of users in itself is a business, he needs you very I give way to a loan, he may not care about the cost of the loan, how much you have in which place, care about these issues, so we are there to bring a lot of users of these platforms every day, which is very profitable. Jenny: on the first catch of the user entry, you use the user entry, when in fact other partners you are able to docking, offline and online are actually of this, of course, is online, you approval The time can be shortened. Question: What are the financial aspects of your plan it? Sun Haitao: In financial terms we did test, in which we have a 51 finance this, we help Yixin, Carnival and so on several, one day we probably have less than 10 million prepaid, with respect to my loan terms It is the needs of two different groups, so finance is not our focus, we just use it as a test. Question: It is now the fastest transient loans is how long? Sun Haitao: Its approval basically you operate finished within three minutes, you'll know not lend you the money to lend, and it is the next day arrive. Our next innovation in their own products where it can do a few batches finished, you can tell immediately that money credited into account, but he had to pay 10 dollars expedited fees. Question: single user fiduciary credit limit about how much? Sun Haitao: Different product positioning is not the same, such as should believe this product, the amount of 60,000, there are 10,000 of the amount, but on average, the amount is 40,000, but he wanted to group borrowing needs large amounts of long-term cash requirements. We are going to do is called credit card loan products, it might be to count against your bill, your bill is 500 is 500, 5000 is 5000, it is more dispersed small, people will adapt more . Like Yixin, we did six months time, the occurrence of traffic is nearly 20,000 users, we manage every day there are millions of bills, so that the user base is a bigger market. Question: Now after the account, risk-free platform also bear responsibility such compensation it? Sun Haitao: It depends on us different modes. For example, the instant loans this product, our platform is not to take risks, to say that the letter should have their own risk assessment team, a lot of people under his line, and he will give him a call. Because in our system, the user manage his many data, even when the loan, our system will make his authority, your social relationships, you can not cheat What is the relationship, such as the inside of your phone call records, which that you can not cheat, you will not painstakingly three months, every day people called the false, if you do so, our system will figure out your income is false, because I figured you alone Outgoing call volume is not consistent with the normal human behavior. Question: Data Capture is to go through the user authorization, is not it? Sun Haitao: a must. Question: Sunzong, you said you put the present day there are 10 million loan, that throughout the year there are more than 30 billion of doing? 8 million is not a problem. Sun Haitao: We have just started to put the time in Beijing, then we are gradually opening up to now only open for about 20 areas, some areas, such as Fujian, a small place, the risk is relatively high in that area, including our own loans also It shall also select regions. This is not the same as with traditional venture company where we do a traditional Internet products, of course, hope for a second covering the whole country, but you do if you financial business, you will be very careful, because you suddenly cover the greater The larger the business you do, you might die sooner, because you might more out of control. So those who are traditional and innovative, want to get into the line of credit, the first hurdle he faces is probably an intermediary, the intermediary is a wide variety of gray, their challenge is actually very easy to kill of them. 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