EXCLUSIVE — Shanghai-based online lender China Rapid Finance reported a 240% growth in consumer loan volume year-over-year and is expecting its continued focus on its target consumer base to continue that growth.

The company, which last year became the second Chinese online lender to conduct a U.S. IPO, is aimed at servicing what it calls “Emerging Middle-class Mobile Active” or “EMMAs” — Chinese consumers with good employment and good education, but who lack credit history. The online lender is hoping that this segment will help them continue the fast pace of growth it has enjoyed since its inception.

In a company statement sent to Bank Innovation from China Rapid Finance:

For the full year of 2017, we expect to add between 2.5 million to 3.0 million new borrowers, representing a year-over-year growth rate of 350% to 400%.

The company’s loan volume for consumption loans facilitated in the second quarter of 2017 increased by 431% year over year to $637.5 million. This exceeds the loan volume for the full year of 2016, according to a company. The average cumulative loan volume per borrower was above $1,000 USD, the company told Bank Innovation.

With its current 240% growth rate as reported during its earnings in August 2017, Rapid Finance appears to be off to a good start toward its 400% YoY goal.

Rapid Finance said in a company statement:

The growth in loan volume was primarily driven by the rapid expansion of consumption loans in our platform. Consumption loans facilitated in the second quarter 2017 increased by 431% year over year to $637.5 million.

The company is also seeing a steady rise in borrowers, reporting 2.7 million “unique borrowers” on its platform — up from the 2 million borrowers it reported in May 2017. The majority of these customers are repeat borrowers, with 72% of customers falling into that category, according to a company statement.

The company has made 20 million cumulative loans to date.

Its focus on EMMAs, which appears to be serving the lender well, will continue with what the company refers to as its “low and grow” loan strategy designed to appeal to its high repeat consumption borrower base.