China-based microfinance provider Fenqile has attracted an undisclosed amount from e-commerce company JD.com, according to TechNode.
The investment follows a $100m series B round raised by Fenqile in December 2014 from media company Bertelsmann and led by investment firm DST Global. Venture capital firms Matrix Partners China, K2 Ventures and China Renaissance also participated in the series B round.
Launched in 2013, Fenqile enables buyers to borrow small amounts of money to purchase consumer electronics from e-commerce websites, such as JD.com, and repay the loan in monthly instalments.
Fenqile primarily targets university students and operates in some 260 cities across China.
Matrix Partners China provided $10m in series A funding for Fenqile in August 2014, four months after China Renaissance and K2 Ventures supplied an undisclosed sum for the startup’s seed round.