Brief: Chinese P2P lender Dianrong scores $220m in round led by Singapore’s GIC

Dianrong CTO Ling Kong. Photo credit: Tech in Asia.

Dianrong is a Chinese peer-to-peer (P2P) lending platform founded in 2012 by Soul Htite, a co-founder and former head of technology at US P2P loans service LendingClub.

Competitors: Lufax, Yirendai, others

How it compares to competitors: It is the country’s third largest P2P loans player behind Yirendai and Lufax according to a report by online lending portal Wangdaizhijia and consulting firm Yingcan, referenced by The South China Morning Post.

Traction

• Three million lenders signed up, with 500,000 active
• Loans worth more than US$5 billion issued
• Named as leading company in China’s P2P loans segment by US Department of Commerce

Funding details

Amount raised: US$220 million
Funding stage: Series D
Lead investor: GIC
Other investors: CMIG Leasing (a subsidiary of China Minsheng Investment Group), Simone Investment Managers, others undisclosed
Investment type: Equity
Purpose: Automation of new branches across China, R&D activities, acquisitions
Total disclosed funding to date: US$439 million

Source: Reuters.

Converted from Chinese yuan. Rate: US$1 = RMB 6.73.