Dianrong.com, a Shanghai, China-based peer-to-peer lending platform, raised $207m in Series C round of funding.
The round was co-led by Standard Chartered Bank and China Fintech Fund with participation from Bohai Leasing (Shenzhen Stock Exchange ticker: 000415) and two existing investors. Earlier in January 2015, the company announced its Series B round of funding from Tiger Global Management, who is also an early investor in Alibaba and JD.com.
Founded in 2012 by Soul Htite, Chairman of the Board and CEO, and Kevin Guo, Dianrong.com operates a marketplace lending platform that facilitates personal and business loans by connecting borrowers to lenders in China through the internet.
The company also provides large financial institutions with banking solutions services that combine technology with risk management techniques.
In June 2014, it launched a wealth management product called “Group Investing – TuanTuanZhuan”, backed by backend computing algorithms and system that implement investment diversification and support millions of micro transactions daily, while maintaining transparency to lenders.
As of today, TuanTuanZhuan exceeded 2.7 billion RMB in volume and have earned over 100 million RMB in interest for Dianrong lenders.
Dianrong.com has over 1,700 employees and 18 offices across China.