Online lending marketplace Dianrong has closed an additional $70m to its Series D round led by ORIX Asia Capital.
The equity investment also saw contributions from CLSA, a division of Chinese investment bank CITIC Securities is.
Dianrong initial Series D investment was a $220m investment late last year and was led by GIC Private Group. Participation to the round also came from CMIG Leasing and Simone Investment Managers.
Founded in 2012, the China-based company is an online marketplace lending platform that helps small businesses and individuals to get a loan in a compliant platform. The company uses technology to design and customise lending and borrowing products, all supported by risk management tools.
Some of the company offerings include loan originations, investment products and marketplace lending solutions.
Dianrong CEO Long Hsiang Loh said, “This latest capital injection in Dianrong gives us even more options and greater flexibility to enhance our business operations and deliver fintech innovations to China’s small businesses. We will also benefit from the global experience and strategic insights and support of world-class companies like ORIX and CLSA.”
The company raised $207m Series C funding round in 2015, led by Standard Chartered and included China Fintech Fund. Over the years, the company has received capital injections from firms including Tiger Global Management, AMTD, Northern Lights Venture Capital and Max Giant.
Last week, China-based health insurance platform The CareVoice closed a $2m funding round co-led by Haitao Capital and SOSV. The platform helps consumers to get the best healthcare by supplying a digital insurance claims and benefits checking system.
Funding in to Asia marketplace lending sector plummeted at the end of last year, the sector crashed down from a $658m in 11 deals down to $62m from 10 transactions.