Ping An-Backed Lufax Raises $1.3B

Ping An-backed, Shanghai-based Lufax has raised $1.33b in its latest funding round, at a valuation ($38b) below expectations of the financial technology company, according to Reuters.

Lufax was aiming for a $40b valuation.

The company, established in 2011, is 43% owned by Ping An and offers an online marketplace for trading of financial assets. It originally started as a P2P lender but has since expanded to become a more broader platform that works together with funds, insurance and financial companies.