Iqianbang, a China-based crowdfunding platform operator backed by entertainment provider Shanda Group, has received RMB500m ($74m) in a series B round led by private investor Zhang Peifeng, China Money Network reported today.
Founded in 2013, Iqianbang operates a fundraising platform that allows companies to crowdfund car and real estate loans from individuals. Iqianbang’s users have provided capital for more than RMB8.1bn worth of total transactions to date.
Peifeng, the chairman of consumer electronics manufacturer Shenzhen Grand Electronics, made the investment as part of a strategic agreement that will involve Iqianbang helping Grand Electronics offer financial products, focusing on the automotive, energy and internet sectors.
The series B capital will help the company, which claims to have more than 500,000 registered users, further develop its technology, bolster its brand and drive recruitment.
Shanda Capital, the corporate venturing subsidiary of Shanda, provided an undisclosed amount of funding for Iqianbang in 2014.