Chinese P2P Lender Scores $220M Megaround
Dianrong, one of China’s largest P2P lenders, has reportedly bagged a $220 million Series D round, according to the SCMP.
The round was led by Singapore’s sovereign wealth fund, GIC, and was participated in by several other heavies, including CMIG Leasing – a subsidiary of the China Minsheng Investment Group – and South Korea’s Simone Investment Managers.
Founded in 2012 by Soul Htite and Kevin Guo, Dianrong offers loan originations, investment products, and marketplace lending solutions. It claims to have originated 16.23 billion yuan worth of loans last year – more than double the amount it posted back in 2015.
Earlier this year, the company teamed up with FnConn – FoxConn’s financing unit – on the Chained Finance blockchain platform. The platform combines blockchain technology into its loan assessment system to help small-and-medium sized suppliers obtain financing amid unsteady cash flows.
The startup has also been making acquisitions. Among its recent buys is Quark Finance, a Shanghai-based banking service and P2P lender, which Business Insider says will add “71 branches across 47 cities to [Dianrong’s] domestic presence.”
How much the round valued the startup was not disclosed.