Peer-to-peer lending platform Dianrong receives USD 220 M for Series D
Founder: Su Haide
Founded in: 2012
Financing status: RMB 14.8 billion (USD 220 million) for Series D financing in 2017
Peer-to-peer lending platform, Dianrong, received USD 220 million in a Series D financing round on Aug 2nd to expand its business overseas.
Lending has always played a role in business all over the world. Originally handled by banks, private equity firms started joining this flourishing market for its large economic return. Although there are tens of thousands of peer-to-peer lending platforms in China, only a few of them earn a profit due to problems common to many of them, including customer acquisition and risk management, among others. Some platforms, like Dianrong, are able to make a profit by integrating their services with the latest technology, such as online support, big data analysis, and artificial intelligence optimization.
Dianrong is a peer-to-peer lending platform that provides individuals and companies with advanced financial solutions based on blockchain technology, which shows a growth range beyond other P2P competitors in China’s market.
Founded in 2012 in Shanghai, it has launched services in Hong Kong to offer Asian investors opportunities to buy into U.S. consumer loans, and is working with South Korean partners to enable customers to lend and enjoy other financial technology services in South Korea. With 71 branches in 47 cities across China, it aims to introduce advanced technologies to build automated offline outlets with supporting diversified services, in addition to buying and selling loans.
This new financing round was from a group of investors led by Singapore sovereign wealth fund GIC Pte Ltd, with private investment conglomerate, China Minsheng Investment Group, and South Korean fund manager, Simone Investment Managers participating as investors. The capital will be used to invest in the research and development of automated outlets and potential user acquisitions, as well as to increase its risk management capabilities, expand its business across China, and explore opportunities in other countries.
Gene testing company 23mofang receives USD 6 M for Series B
Founded in: 2015
Financing status: RMB 40 million (USD 6 million) for Series B financing in 2017
Gene testing company, 23mofang, received USD 6 M on Aug 2nd for a Series B financing round to build more labs for gene testing.
23mofang is a gene testing company that provides users with genetic testing services and helps users and their families handle the early intervention of potential health problems. After customers complete their testing process, they will receive an interpretation report through 23mofang’s app to help them better understand their health situation.
Founded in Chengdu in 2015, 23mofang can put customers through a genetic test with more than 300 test items based on its biological chip, all for less than RMB 1000. Its services have spread across China and into regions of other countries. By now, over 50,000 customers have completed a gene test on 23mofang, and that number is expected to exceed 100,000 by the end of 2017.
This Series B financing round was led by Hanvon, with Fenghou Capital participating as investors. 23mofang plans to use the funds to build more labs for the research and development of genetic testing, and to invest in market expansion.
(Top photo from 58pic.com)