Jimubox, a Beijing, China-based P2P lending platform, completed an $84 million Series C funding round.
The round was led by Investec Bank plc with participation from Haitong Kaiyuan Investment Co., a division of Haitong Securities, new investors Mandra Capital and Zhong Capital Fund and existing shareholders Matrix China Partners, Xiaomi, Shunwei China Internet Fund, Ventech China, and Magic Stone Alternative. As part of this financing round, Matrix China Partners increased their shareholding ownership percentage in Jimubox.
Led by Dong Jun, Founder and CEO, Jimubox operates a marketplace-lending platform that facilitates SME loans and individual consumption loans for under-banked Chinese borrowers by providing direct investment opportunities to RMB investors.
The platform has completed almost 6 billion RMB of new issue loans since launching in August of 2013.
The company has pioneered a multi-layer investor protection scheme that involves third party credit enhancement, cash-based security deposits as first protection against borrower default, and a borrower-funded mutual risk protection mechanism. In addition, the concept of investor observation groups – the “Jimu Jury” – provides select investors with monthly access to information and documents that cannot be disclosed directly on the Jimubox website.
China e-Capital Corporation acted as the exclusive financial advisor to Jimubox for the funding round.