Dianrong, a Shanghai, China-based online lending marketplace, raised US$220m in Series D funding.
The round was led by GIC Private Limited, Singapore’s sovereign wealth fund, with participation from CMIG Leasing, Simone Investment Managers, and other institutional and individual investors.
Founded in 2012 by Soul Htite, CEO, and Kevin Guo, Co-CEO, Dianrong operates an online lending marketplace in China, which originates US$500m in monthly assets for 4 million retail lenders. Dianrong provides individuals and small and medium-sized enterprises with a financial platform with specific offerings which include loan originations, investment products and marketplace lending solutions.
The company, which has 28 offices across China and employs approximately 3,500 professionals, including 600 full-time fintech engineers, recently announced the acquisition of the asset-generation operations of Quark Finance, which tripled its local footprint across China. Earlier this year, Dianrong also launched Chained Finance, a blockchain platform for supply-chain finance developed in partnership with FnConn, a subsidiary of Foxconn Technology Group.
In 2015, the company completed its Series C round funding of US$207m from Standard Chartered Private Equity, China Fintech Fund, Tiger Global Management, and Bohai Leasing.