Winning the new financial era

Chapter 337 Enterprise Credit Investigation
Fang Yuhan's actions were very efficient, and within two days he had an appointment with someone from Weizhong Tax Bank.

Three people came, namely Chairman Zhao Yanhui, CEO Geng Xinwei, and Chief Risk Officer CRO Xu Wei.

In the chairman's office of Ruimin Financial Management, Zhang Yida received the three people.

Xu Wei, the youngest of the three, is nearly forty years old, and the other two are in their forties. It can be seen that this is a middle-aged and elderly entrepreneurial team.

It is said that middle-aged and elderly people are only relative to Internet entrepreneurial teams in their 30s and [-]s.

A man in his forties is the golden age for starting a business. He has connections, funds, and patience.

After exchanging pleasantries, Zhang Yida learned that the company, established in September 2014, had completed two rounds of financing, the angel round and the A round.

Among them, the A round of financing was led by IDG, with an amount of 2000 million yuan.

After asking the company executive to make tea for the three of them, Zhang Yida smiled and said, "I'll just say it straight! I invited the three of you here, mainly to talk about Ruimin Financial Management's acquisition of Weizhong Tax Bank."

Zhang Yida saw that the expressions of the three of them did not fluctuate much after hearing this, and guessed that Fang Yuhan had already been vaccinated.

In fact, it is true.

After Zhao Yanhui received Fang Yuhan's call, he was a little surprised to hear that Zhang Yida made an appointment to see him.

He and Zhang Yida had never met before, why did they meet him?Talk about cooperation?
In this case, it is inevitable to ask a few more questions.

Fang Yuhan didn't hide it, and said openly that Zhang Yida wanted to buy their company.

Zhang Yida took a fancy to his company?
After discussing with the other two founders for a while, Zhao Yanhui decided to meet Zhang Yida and listen to his conditions.

Zhang Yida continued: "Small and micro enterprises have difficulty in financing and expensive financing, which has always been a difficulty and pain point in society.

Ruimin Financial Management also entered the field of corporate loans with the original intention of solving this problem.

However, risk control in the field of corporate loans has always been a difficult point.As a corporate credit investigation and big data analysis company, Weizhong Tax Bank came into our sight.

I also know a little bit about your company, and I admire it very much.

He just completed the 2000 million round A round of financing, but he was reluctant to move into a Grade A office building and still work in the old office. "

Xu Yanhui said with a smile: "Although the A-round financing of 2000 million has been completed, this amount is not large at all.

In the field of mutual funds, there are many companies that have raised hundreds of millions, or even billions or tens of billions.

For example, Ruixiang, wasn’t the last round of financing worth US$25 billion?

In this industry, we are just toddlers.

Coupled with the fact that middle-aged people have already passed the age of showing off and saving face, we believe that every penny of financing must be spent wisely. "

Zhang Yida laughed, he was indeed much more mature and stable than young entrepreneurs.

"I know Weizhong Tax Bank. You only provide banks with corporate big data credit reports. Why don't you do your own lending?"

Geng Xinwei, CEO of Weizhong Tax Bank, replied: "Until the company establishes an absolute advantage in the field of corporate big data credit investigation, it will not blindly expand and engage in diversified development.

We believe that only by concentrating on one thing can we achieve the ultimate in it. "

Zhang Yida nodded. He is indeed very pragmatic. It should be because he was beaten up by starting a business when he was young that his goal is so clear and firm.

"Ruimin Wealth Management has its own stable financing channels, and now wants to enter the field of small and micro enterprise loans. I would like to ask, how can we integrate "finance, technology, and taxation" into one and maximize its power?"

The three knew that they were testing themselves and others, Zhao Yanhui said with a smile: "Let Xu Wei answer this question!
I am a purely technical background, and Lao Geng has been working in a bank.

Xu Wei has more experience in financial technology applications. He is a Ph.D. from the Massachusetts Institute of Technology. "

"Oh, really?"

Zhang Yida said with a smile: "Our company has a lot of talents who returned to China to join Capital One, like Chen Shaojie, the CEO of Yimindai, they are all from First International Capital.

Now half the sky of domestic mutual funds is supported by the first international gang.

Chen Xi, CRO of Rice Finance, Yu Quan, CRO of MYbank, Pan Yiting, CRO of Yiyindai, Zhang Feng, COO of Paipaidai, Yao Zhiping, deputy general manager of Lufax...

I have to obey!First International Capital is a monument that cannot be bypassed in the history of consumer finance in the world.

I heard that the headhunters sent by the domestic mutual fund company hollowed out all the Chinese in First International Capital.

The most outrageous thing I've heard is that a person once worked as an intern at Capital One for a month, and after returning to China, he became the chief risk officer of a financial company. As a result, the company's valuation suddenly increased by [-] million. "

Xu Wei smiled and shook his head, feeling deeply proud of Zhang Yida's praise, but also worried about the irrational prosperity of the domestic mutual fund industry.

"Compared to the red sea of ​​domestic C-end consumer finance, I prefer the less noisy B-end financial technology."

Zhang Yida looked at Xu Wei and asked, "Mr. Xu's argument is still novel. Do you think there are more opportunities for the B-side?"

"Maybe there are not so many opportunities and the market is not that big. But it is more suitable for long-term development, because earning B-side money is harder, and more people lack such patience and prefer to make C-side quick money."

Xu Wei looked at Zhang Yida and said, "Of course, I don't mean to criticize anything here, everyone's choice is different.

The B-side is still a blue ocean at present, and there are certain barriers to entry, so you can quietly conduct research and development and lay the foundation. "

It is indeed incredible that China does not have a giant of the B-end Internet.

Zhang Yida believes that such a company will emerge sooner or later. Of course, there is a high probability that it will be hatched among Ahri and Penguin.

Without him, the roots are too deep.Ahli is even more likely, because DingTalk is much better than Enterprise WeChat.

After showing off, Xu Wei began to return to the topic. He said, "Then let me briefly talk about my views on small and micro enterprise loans. For the shortcomings, please forgive me, Mr. Zhang."

"Mr. Xu is modest, please enlighten me."

Xu Wei continued: "The use of tax-related data in the loan field is a Chinese innovation.

After China carried out tax reforms based on national conditions, the value of tax-related data has greatly increased. This is a very big opportunity for China's financial industry. It can directly enter the era of data and overtake internationally. .

Through the special line interface of the tax bureau, the corresponding data is retrieved for cleaning and analysis, and a visual report is formed through the model, and the enterprise is scored.

And financial institutions can lend money to businesses based on this information.

In this process, a more realistic way is to realize automation and use the "manual + machine" learning method to give financial institutions an additional tool to improve loan efficiency.

In the process of in-depth data modeling, we found that small, medium and micro enterprises have more unique data characteristics at present.

For example, for Internet companies, they do not have factories, office buildings, and a lot of equipment.

Therefore, when setting the weight that affects their credit, it will be very different from traditional enterprises.

At the same time, we also came to a conclusion: different models must be constructed for different industries, which can make the impact factor have stronger industry attributes.

If the operating conditions of small and micro enterprises are very good, they will often have relatively high financial management expenses. As a result, the daily expenses will increase, and the enterprise will reduce the profit on the book.

Therefore, the management fee ratio of small and micro enterprises, an indicator not covered by traditional financial analysis, has also become an important reference to reflect the operation of enterprises.

These are very different from traditional evaluation criteria such as enterprise asset-liability ratio. "

Zhang Yida glanced at Xu Wei appreciatively, as expected of an expert, it seems that Weizhong Tax Bank has indeed figured out some ways in the field of tax loans.

Buy, definitely buy this company.

"In addition to tax-related data, small and micro enterprise loans can also include other business operating data as a reference?"

Facing Zhang Yida's question, Xu Wei replied: "Of course!
The basic information of the enterprise, taxation information, business information, financial information, upstream and downstream information, violation inspection, etc. can be included in the risk control model, multi-dimensional analysis, portraits and ratings of enterprise users, and the final commercial value. "

Zhang Yida asked again: "These methods are all used in the pre-lending stage. Regarding the loan and post-lending, do you have any good solutions?"

Xu Wei frowned, and said: "At present, Weizhong Tax Bank mainly provides banks with pre-loan risk control technical support.

During and after the loan, it is necessary to cooperate with CRM, ERP and other systems related to the business operation level.

In addition, changes in industrial and commercial information, judicial penalties, and fluctuations in tax payments can also be monitored to a certain extent. "

"In terms of CRM, except for internal office work, we have not released products to the outside world for the time being.

However, Ruixiang's Mobao Pay, in cooperation with the Institute of Smart Finance, has been carrying out data analysis on the cash register flow of individual industrial and commercial households.

At present, some results have been achieved, and in the future, merchant loans will be opened to tens of millions of merchants paid by Mobao. "

Xu Wei's eyes lit up. He had heard that Ruixiang's financial technology technology is very good, but he did not expect to start to set foot in the B-end.

"Our country has 6200 million individual businesses and more than 2000 million small and micro enterprises.

Compared with small and micro enterprises, the difficulty of risk control for individual industrial and commercial households is simply hell.

They don't have tax data, only cash registers. "

Speaking of this, Xu Wei said with emotion: "In China, only Penguin, Leech Financial Services, and Ruixiang can conduct big data risk control assessments for these individual businesses."

Zhang Yida said: "Compared with the two of them, Ruixiang's current data sources are still much less. After a few years, we should be able to catch up with them."

Xu Wei guessed that Zhang Yida had some trump card?But Zhang Yida didn't go into details, and it's not convenient for him to ask.Although the curiosity is very strong, it can only be suppressed.

"Ruimin Wealth Management is very determined to enter small and micro enterprise loans. On the capital side, we have no shortage of lending funds because we have the traffic portal of Huimin Travel.

The only thing that is lacking is the ability to control the risk of B-end enterprises. "

Zhang Yida waved his hand again, "But it doesn't matter. Leaving aside the tax and banking fields, Ruimin Financial Management will also consider investing in mergers and acquisitions of enterprise query websites, SaaS software or CRM software in various sub-sectors.

Ruimin Financial Management will definitely not only be P2P in the future, and even the financial business accounts for only a small part of the revenue.

What we want to be is the Experian of China!With enterprise credit investigation as the core, derivative finance, software, marketing and other services. "

The three of them, Xu and Wei, are no strangers to Experian. This is a world-class corporate credit reporting giant with an annual market value of tens of billions of dollars and tens of thousands of employees.

"Join Ruimin Financial Management! Maybe we should change our name to...Ruixin Group.

Wisdom, wisdom, and clarity; faith, honesty, trust, credit.

Just call it that! "

After changing the name of the company, Zhang Yida looked at the three of them again, and said, "Relying on the current foundation, Ruixin Group can provide you with a broader stage.

In the future, I can even go overseas with my other industries and compete with international credit giants.

As for Weizhong Tax Bank, I can also buy it at a 20% premium based on your A-round financing valuation.

Cash or shares in Ruixin Group are fine, what do the three think? "

Xu Wei was a little tempted. He gave up invitations from many unicorn C-end consumer finance companies, and joined Weizhong Tax Bank, which had just A-round financing. What he wanted was to show his ambitions in the B-end financial technology field.

The stage Zhang Yida can give him is undoubtedly broader, and he is a high-quality object of refuge.

Zhao Yanhui and Geng Xinwei, as the founders, hold the most shares in the company. It is inevitable that they hesitate to sell the company suddenly.

The purchase price offered by Zhang Yida is actually average, which is only a 20% premium over the valuation of the A round of financing a few months ago.

The two of them are mainly thinking about their own gains and losses from being entrepreneurs to professional managers.

"Mr. Zhang, Ruimin Wealth Management has already been valued at 10 billion US dollars, and the valuation of our Weizhong tax bank is only 2 million yuan. In the case of equity mergers and acquisitions, we can't take too many shares?
After deducting the part of venture capital, the two of us can barely account for 1%.As for Lao Xu, he doesn't even own 1% of the shares. "

Zhao Yanhui used to be a teacher at the National University of Defense Technology. As a soldier, he was quite decisive and directly raised his concerns.

It turns out that there are too few shares, and this issue is easy to discuss.Zhang Yida said with a smile: "Ruimin Wealth Management has 10% of the option pool, and after two rounds of financing, there is still 8.1%.

At present, 2% has been released. After you join, you can also get options.

In addition, depending on the development situation later, I will discuss with shareholders to supplement the option pool. "

"That's fine! Can we choose the acquisition method of half equity and half cash?" Geng Xinwei asked.

"Yes!" Zhang Yida's answer was simple but powerful.

Geng Xinwei exchanged glances with his two colleagues, and said, "Then we have to discuss with IDG and other institutional shareholders before we can make a final decision."

"Well, IDG can choose to exchange shares, or withdraw in all cash. You can bring my words to them."

All three nodded, and after having a cordial conversation with Zhang Yida, they left in satisfaction.

(End of this chapter)