Renrendai doubles transactions in Q3

China's leading peer-to-peer lender Renrendai.com reported a transaction increase of 131 percent quarter-on-quarter to 1.1 billion yuan ($175 million) in the third quarter, the company said on Tuesday.

The company's bad debt ratio, according to the statement, stood at 0.39 percent. Meanwhile, its provision for potential bad debt increased to 64 million yuan by the end of the third quarter, up 20 million yuan from the previous quarter.

Renrendai received a $130-million capital injection from a group of investors in 2013, making it the largest raiser of capital in the Internet sector.

"We have no plan to raise money in the short term," said Yang Yifu, a co-founder of Renrendai.

When Renrendai launched in 2010, it adopted an operating model similar to that of Lending Club, mainly focused on the online micro-credit business. The company shifted to an online-to-offline model after integrating with offline lending service Ucredit in 2012.

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