Business

GIC leads $299m funding round for Chinese P2P firm

HONG KONG: Chinese peer-to-peer (P2P) lending platform Dianrong said yesterday it raised US$220 million (S$299m) from a group of investors led by Singapore sovereign wealth fund GIC.

Dianrong is looking to step up research of new technology as it expands across China and explores ventures in other countries in the region.

The Shanghai-based firm will use the funds to automate some of its new branches across China, for research and development and for potential acquisitions, Mr Soul Htite, co-chief executive of Dianrong, told Reuters.

The company already has big backers, including the private equity arm of Standard Chartered, and Dianrong raised $207 million in a fundraising round in 2015.

After launching in 2012, Dianrong expanded into different services including supply-chain financing, as it looks to grow beyond the crowded market in China.

The company in 2015 unveiled a joint venture with Seoul-based Hanwha Group to offer marketplace lending in South Korea. It recently launched a partnership in Hong Kong to offer a marketplace for investors to buy into US consumer loans.

Last month, Dianrong bought the asset origination business of Shanghai-based Quark Finance to increase the volume of loans in its platform. - REUTERS

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