Furongbao, a China-based online lending platform backed by telecommunications and internet group SoftBank, has raised RMB800m ($120m) in series B funding, China Money Network reported yesterday.
The investor’s precise identity has not been revealed but they are the controlling shareholder of appliance manufacturer Wanjiale Gas Appliances and have interests in electricity supply, distribution technology production and supply chain management.
Founded in 2013, Furongbao operates an online platform where small and medium-sized businesses can access loan financing. It will use the funding to enhance its risk control and research and development, and to strengthen its consumer and logistics finance offerings.
The round comes after the company raised approximately $53m in a 2015 round that included SBCVC, SoftBank’s Chinese venture capital unit.
The corporate was joined by Shanghai Fukong Interactive Entertainment, the investment firm formerly known as Shanghai Zhongji Investment Holding, as well as investment management firm Zheshang Fund Management.
Other China-based online lenders to have raised money in the past two months include the consumer-focused 9f Group, automotive finance provider Shenma Finance and Pintec, the operator of lending service Dumiao.