Yooli.com, a China-based peer-to-peer lending site backed by telecommunications firm Softbank, has raised an undisclosed eight-figure sum in a series B round led by venture capital firm Morningside Ventures, according to technology news source Technode.
Although the precise sum was not disclosed, financial news provider Caixin Online cited a source who claimed the amount invested was greater than $50m, and that the round valued Yooli at about RMB 2bn ($320m).
Yooli provides investors with access to loans from 23 brick and mortar microcredit companies in China, using a third party to assess each individual loan. It will use the funding to develop its product, increase its workforce and to enhance its IT technology and risk control.
Softbank subsidiary Softbank China Venture Capital invested $10m in Yooli in 2013.
– Photo courtesy of Nicholas Genesis via Wikimedia Commons