Junrongdai.com, a Beijing-based peer-to-peer (P2P) lending platform, has completed its first round of funding of about a dozen million USD from Chun Xiao Capital on Tuesday, Sina Tech reported.
Wu Weiding, COO of Junrongdai.com, said the funding will focus on the construction of a wind-control system, expanding market size and supply chain development.
Wei also indicated that the future plans of the platform include maintaining its leading position in the P2P market, opening up the industry ecosystem in order to further develop the market and lowering operating costs and financing costs for borrowers.
The news came in the midst of Chinese authorities tightening regulations on P2P lending. Xinhua reported that the authorities released a draft of new rules on Monday.
Founded in 2014, Junrongdai.com is an internet financing platform which focuses on supply chain finance systems. Its projects include Eventown.com.cn, kezhanwang.cn, JD.com, Lenovo, Youngor, and Pingan Danbao.
Chun Xiao Capital is an investment fund management institution which invests in B2B trading platforms, corporate services SaaS, offline store SaaS, vehicles, internet finance and SNS e-commerce. The company has participated in angel investing, pre-A, series A and series B financing.