Fenbeitong, a Chinese renowned corporate expense management startup, raised $36M in Series B+ financing.
Backers included CreditEase Fintech Investment Fund, Eight Roads, Glade Brook Capital, Ribbit Capital, IDG Capital and China Growth Capital.
The company will use the funds to double the size of its product research and development team, further improve its customer experience, seek more channel partners and cooperate with cross-industry players, expand their business into more first and second-tier cities in China.
Founded in 2016 by Mr. Lan Xi, Fenbeitong helps companies to manage and control their expenditures through technological innovations. The company has already established itself as an industry leader and has served over 1,000 corporations.