China-based online lending platform Dianrong closed its series D round at $290m on Tuesday after raising $70m in an extension led by Orix Asia Capital, a subsidiary of financial services firm Orix.
CLSA, the overseas arm of investment bank Citic Securities, also participated in the extension. Orix provided $60m while CLSA injected the remaining $10m, according to Reuters.
Dianrong raised the first $220m in an August 2017 tranche led by Singapore’s sovereign wealth fund GIC that included CMIG Leasing, a unit of investment holding firm China Minsheng Investment Group, Simone Investment Managers and unnamed institutional and private investors.
Founded in 2012, Dianrong operates a peer-to-peer lending marketplace for individuals and small and medium-sized enterprises. It has signed up more than 4 million lenders and processed more than $740m in loans.
The company previously secured $207m in an August 2015 series C round co-led by financial services firm Standard Chartered Bank and investment fund China Fintech Fund with contributions from backers including industrial leasing firm Bohai Leasing.
Hedge fund Tiger Global Management had provided an undisclosed amount of series B capital for Dianrog in January 2015, after Northern Light Venture Capital invested an eight-figure dollar sum in a 2013 series A round.
Dianrong identified asset management group Max Giant and financial services firm AMTD as earlier investors in its most recent press release but did not offer further details about their involvement.
Long Hsiang Loh, Dianrong’s CEO, said: “Orix and CLSA understand the untapped potential of China fintech. This latest capital injection in Dianrong gives us even more options and greater flexibility to enhance our business operations and deliver fintech innovations to China’s small businesses.
“We will also benefit from the global experience and strategic insights and support of world-class companies like Orix and CLSA.”