China-based peer-to-peer lending platform 9fbank has closed a $110m funding round co-led by IDG Capital Partners, a venture capital affiliate of technology research and media company International Data Group.
SIG Asia, the regional investment unit of financial services provider Susquehanna International Group, co-led the round, which also included unnamed China-based venture capital firms and angel investors.
The round includes $20m of shares that were sold by existing, unnamed stakeholders.
Founded in 2006, 9fbank attracted RMB10m ($1.6m) in angel funding the same year. In 2009, the company obtained a $3m investment from an unnamed company listed on the Hong Stock Exchange.
The latest funding will support further development of 9fbank’s big data system, an increase in the size of its workforce and the continued development of its lending platform.