Qufenqi, the China-based instalment buying e-commerce platform backed by payment services provider Ant Financial, has raised an undisclosed amount of funding from unnamed investors, China Money Network reported yesterday.
Although the precise amount Qufenqi has raised through the round has not been revealed, gaming company Kunlun Tech has invested RMB180m ($27m) as part of it, Reuters reported today.
In addition to the funding, Qufenqi has dismantled its variable interest entity structure in order to prepare for an initial public offering in its home country, according to an internal letter seen by Chinese media.
Founded in March 2014, Qufenqi operates an electronics-focused e-commerce platform that offers consumers the option of buying products and paying through instalments. Its customer base leans heavily toward students and young people.
The round comes in the wake of a $200m series D round led by Ant Financial in August 2015 that was also backed by BlueRun Ventures and Source Code Capital.
Bluerun led a $100m round for Qufenqi in December 2014 before joining Kunlun and Source Code for a $100m round in April 2015.
Qufenqi received an undisclosed amount of series A funding from BlueRun in April 2014, which was followed by a $25m round featuring BlueRun, Source Code and Golden Summit in August the same year.