Fangsiling, a China-based financial services platform focused on rental payments, has raised RMB300m ($45m) from investors including financial services and wealth management platform Fengjr, China Money Network wrote yesterday.
The round was led by investment firm Mingdaojinkong and also included financial services firm 9F Bank as well as VC firms 9C Capital and Will Hunting Capital.
Founded in 2015, Fangsiling enables prospective tenants to pay deposits in instalments rather than supplying one upfront payment. The platform also allows landlords to collect monthly payments on time by offering loans to tenants.
Fangsiling claims it has offered RMB14bn in loans to tenants across 20 cities, for a total of 200,000 transactions. The cash will allow the company to boost its brand and marketing activities and to improve its credit risk control technology.
Fengjr previously participated in a series D round worth tens of millions of dollars in February 2017 alongside internet company Baidu. Shuangliang Capital then added several tens of millions of renminbi in a series D+ round two months later.
9F Bank, 9C Capital and Will Hunting Capital provided hundreds of millions of renminbi in October 2016, adding to a $29m series B round led by online real estate agency 5i5j.com in January 2016.
China Renaissance Group had earlier invested millions of dollars in series A funding in 2015.