China-based digital financial account platform 9F Inc., through its wholly owned subsidiary, acquired a strategic stake in Hubei Consumer Finance Co., Ltd.
Details of the deal were not disclosed. Following the transaction, 9F's subsidiary is now the second-largest shareholder in the consumer finance company, according to a Sept. 25 release.
Through the acquisition, 9F will leverage its technical experience to assist Hubei Consumer Finance in acquiring traffic and deploying AI technology across its consumer finance business.
