Dianrong raises fresh funds to lend more to families and small firms
The P2P lending platform secures investments from Singapore’s GIC, a unit of China Minsheng, South Korea’s Simone Investment among others
Dianrong, one of China’s largest peer-to-peer (P2P) lending platforms, has raised US$220 million in the latest round of financing from a consortium of investors including Singapore’s sovereign wealth fund, and pledged to harness financial technologies (fintech) to ramp up support to small businesses and individuals.
The largest fundraising deal in China’s fintech industry since April 2016, it represented a success for Dianrong and the country’s top P2P players that strive to reach out to those who are underserved by the mainland’s existing banking system through technological innovations and network expansions.
Aside from GIC, CMIG Leasing, a subsidiary of China Minsheng Investment Group, the mainland’s largest non-state investment conglomerate, South Korea’s Simone Investment Managers and other institutional and individual investors are also among the investing group.
Dianrong did not disclose its valuation after the Series D round of funding.
Soul Htite, founder and chief executive of Dianrong, said the financing would reinforce the company’s commitment to “applying fintech to deliver greater financial freedom to Chinese families and small businesses”.
Htite was a co-founder of American P2P firm Lending Club.