Wokai Closure: A Timeline of Events and Outcomes

Wokai, a social lending platform, was launched in 2009 with the goal of empowering women in developing countries through microloans.

The platform was founded by Eric Wetlaufer, who had a vision to create a more equitable and sustainable way to provide financial services to underserved communities.

In 2015, Wokai's loan portfolio had grown to over $1 million, with a repayment rate of 98.5%.

However, by 2016, the platform's growth had slowed, and it faced increased competition from other social lending platforms.

Wokai's loan repayment rates remained high, but the platform's overall performance was impacted by these challenges.

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Wokai announced it's closing down due to a failed search for a new CEO and funding obstacles.

The non-profit microfinance platform was based in California but operated in China, making its closure a significant loss for the country's tech sphere.

Over its five years of operation, Wokai achieved remarkable success in providing small loans to Chinese people in rural and impoverished areas to support their businesses.

Wokai raised over half a million dollars in loan capital for micro-entrepreneurs, funding over 1,500 micro-loans to 961 borrowers at an impressive 98% on-time repayment rate.

This led to supporting over 4,000 people in starting the process of moving out of poverty.

Wokai will continue to finance micro-entrepreneurs in rural Sichuan and Inner Mongolia using its existing capital, aiming to impact an additional 9,000 entrepreneurs over the next ten years.

The company won't be accepting new contributions, and its existing capital will be distributed by Wokai's field partners, NGOs on the ground in China.

Wokai was founded in 2009 by Eric Hwang, a Harvard Business School student at the time.

Wokai's mission is to empower women and girls in China by providing microloans and other resources.

Wokai's microloans range from $50 to $1,000, and are used for a variety of purposes such as starting a small business or paying for education expenses.

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These loans have a repayment rate of 98%, indicating a high level of success.

Wokai's interest rates range from 15% to 30%, which is relatively low compared to other microfinance institutions.

Wokai has loaned over $1 million to over 10,000 borrowers in China.

Wokai's borrowers are primarily women, who make up 95% of the loan recipients.

Wokai's borrowers use their loans to start or expand small businesses, such as food stalls, beauty salons, and crafts shops.

Wokai's borrowers are located in rural areas of China, where access to capital is often limited.

Wokai has a repayment rate of 98% and a delinquency rate of 2%, indicating a high level of reliability.

Wokai's borrowers use their loans to pay for education expenses, such as tuition and school supplies.

Wokai's borrowers are able to increase their income by an average of 50% after receiving a loan.

Wokai's borrowers are able to improve their living standards and break the cycle of poverty.

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