Ant Financial, the payment services affiliate of e-commerce group Alibaba, has led a $200m round for China-based instalment shopping platform Qufenqi.com, China Money Network reported today, citing a posting on Qufenqi’s Weibo account.
The series E round also included venture capital firms BlueRun Ventures and Source Code Capital. China Money Network originally reported the round’s close on Monday but the amount raised had not been disclosed at that time.
Overseen by parent company Kuaile Shidai, Qufenqi is an e-commerce platform where consumers can buy goods and pay for them through instalments. It began life in early 2014 as an electronics retail site but has since diversified to other products as well as consumer credit.
Qufenqi and Ant Financial will also partner on online payment and personal credit scoring following the funding. Ant Financial will take a seat on Qufenqi’s board after the round is closed but has not yet named its representative.
Bluerun initially supplied Qufenqi with an undisclosed amount of series A funding in April 2014, and was subsequently joined by Source Code and Golden Summit for a $25m series B round in August.
Qufenqi raised $100m in a Bluerun-led series C round in December, which was followed by another $100m from mobile gaming company Kunlun, BlueRun and Source Code in April this year.