China-based peer-to-peer lending platform Dianrong has secured $40m in funding from financial services provider Dalian Finance Industry Investment Group (DFIIG), China Money Network reported today.
Founded in 2012, Dianrong has created an online lending marketplace aimed both at individuals and small and medium-sized enterprises that it claims processes $500m in loans each month.
Dianrong signed a strategic partnership with DFIIG and the municipal government-owned financial body Dalian Finance Development Bureau in January 2018 to launch two funds aimed at Dalian, and to develop a supply-chain trading platform in the city.
The latest capital injection will enable Dianrong to bolster its assets and to expand its research and development activities, including those related to the aforementioned partnership.
Dianrong closed a $290m series D round in January this year after raising $70m in an extension led by Orix Asia Capital, a subsidiary of financial services firm Orix, that included CLSA, a subsidiary of investment bank Citic Securities.
The tranche followed a $220m first close in August 2017 led by GIC, the sovereign wealth fund of Singapore, and backed by CMIG Leasing, part of investment holding firm China Minsheng Investment Group, as well as Simone Investment Managers and undisclosed additional investors.
Financial services firm Standard Chartered Bank and investment fund China Fintech Fund co-led a $207m series C round for Dianrong in 2015 that also featured industrial leasing firm Bohai Leasing.
The company’s shareholders also include hedge fund Tiger Global Management, VC firm Northern Light Venture Capital, asset management group Max Giant and financial services firm AMTD.