Eight Roads Ventures, the strategic investment arm of financial services and investment group Fidelity, has co-led a $36m series B-plus round for China-based expense management software developer Fenbeitong, China Money Network reported on Tuesday.
Ribbit Capital and Glade Brook Capital also co-led the round, which included online lender CreditEase’s FinTech Investment Fund, BitRock Capital, IDG Capital and China Growth Capital.
Founded in 2016, Fenbeitong has created a software-based corporate expenses management platform where enterprise clients can manage costs charged to their business by employees, through features including standardised invoicing and virtual payment cards for each user.
The company currently has about 260 employees but now plans to recruit extra researchers and developers in a bid to optimise its product and secure partnerships with enterprise service providers.
Upgrades would likely include reduced invoice processing times and support for different payment modes. The latest funding comes after asset management firm Bojiang Capital led the company’s $12.4m series B round in July 2019.
Fenbeitong had previously closed a $6.1m series A-plus round co-led by CreditEase FinTech Investment Fund and IDG Capital in 2017 that included China Growth Capital, after a $4.6m series A led by IDG Capital the previous year.