Dianrong, an online lending marketplace, has reportedly raised another $40m in funding, just months after bagging $70m.
The new line of equity was supplied by Dalian Finance Industry Investment Group, according to a report by China Money Network.
Earlier in the year, Dianrong and Dalian formed a strategic cooperation agreement to support financial innovation in China.
As part of the agreement Dianrong will work with the government of the Chinese city of Dalian to build a series of new financial projects. These include, a cloud-based platform to support small loans, a supply chain trading platform, and an internet finance investment fund.
The new equity injection will be used to support the development of its product and services. Funds will also be used for the research and development of new FinTech projects such as Dalian’s supply chain trading platform, the article said.
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’s offerings include loan originations, investment products and marketplace lending solutions.
At the start of the year, the company raised an additional $70m for its Series D round. The new tranche was led by ORIX Asia Capital and joined the initial round which bagged $220m in late 2017.
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