Qudian Group, the China-based instalment buying platform formerly known as Qufenqi has raised RMB3bn ($449m) in a round co-led by mobile app and smart device developer Hangzhou Liaison Interactive Information Technology, Marbridge Consulting reported today.
The round was co-led with Fenghuang Xiangrui Internet Fund, a vehicle owned by investment firm Phoenix Fortune Holdings, and included undisclosed existing investors.
Gaming company Kunlun Tech reportedly invested $27m in Qudian in January this year alongside an undisclosed amount from financial services provider Ant Financial as part of an imminent round.
Founded in early 2014 as Qufenqi, Qudian operates an e-commerce platform that lets users pay for electronics and other products through instalments. It was initially targeted toward university students before branching out to a wider customer base.
The company plans to forge strategic partnerships with the round’s leaders in the finance and business sectors as part of its forthcoming endeavours, which will include a university student loan service and student growth fund, part and full-time job listings platforms and an internship service.
Qudian is also expected to launch its initial public offering in the near future, having dismantled its variable interest entity structure at the start of 2016.
Venture capital firm BlueRun Ventures supplied an undisclosed amount of funding for Qudian in April 2014 before joining Source Code Capital and Golden Summit for a $25m round in August the same year.
BlueRun led a $100m for the company in December 2014 before combining with Kunlun and Source Code for a $100m round four months later. Ant Financial subsequently led a $200m series D round in August 2015 that included BlueRun Ventures and Source Code Capital.