9f Group, a China-based online lending marketplace backed by trading and technology firm Susquehanna International Group (SIG), has secured an undisclosed sum in a series C round, China Money Network reported on Wednesday.
The round was sized at “hundreds of millions of dollars,” the company said. It was led by Cinda International Holding, a subsidiary of merchant bank China Cinda Asset Management, and included an unnamed local industry fund and angel investors Jiang Nanchun and Lin Qi.
Founded in 2006 as 9fbank, 9f operates a peer-to-peer lending platform that offers payments in instalments as well as securities trading and big data analytics. 9f Group claims it has more than 48 million registered users.
The round follows 9f’s announcement in August this year that it intends to expand into Hong Kong, Southeast Asia and the US.
The company will use the funding to further develop its system in order to connect consumers with financial services firms, insurance providers and e-commerce platforms.
SIG Asia, a regional investment subsidiary of SIG, and IDG Capital co-led a $110m series B round for 9f in 2015 that also featured undisclosed China-based VC firms and angel investors. The round included a $20m secondary share purchase.
9f Group had previously closed a $1.6m angel round in 2006 before raising $3m in a 2009 series A round backed by an unnamed company listed on the Hong Kong Stock Exchange.