Dianrong.com, a Shanghai, China-based P2P lending platform, raised $12m in funding.
Northern Light Venture Capital (NLVC) made the investment.
The company intends to use the funds for daily operations and to provide low-risk, high-return financial planning products for general investors.
Launched by Lending Club co-founder Soul Htite (CEO) and PE fund partner and lawyer Kevin Guo in March 2013, Dianrong.com is a peer-to-peer (P2P) lending website where members can borrow and lend money among themselves.
The company offers free portfolios tailored to each investor’s appetite for risk, with an optional investment lifecycle of 6, 12, 18 or 24 months.
As of the end of November 2013, the firm had achieved an aggregate trade turnover of more than 100m Yuan (approx US$16.5m) with more than 10,000 registered investors.