Chinese startup lets customers make monthly payments on iPhones, raises series C funding 8 months after launch

Qufenqi, an electronics retailer from China that lets buyers pay in monthly installments, has raised US$100 million in a series C round of funding led by BlueRun Ventures, according to QQ Tech. The startup confirmed the new round of financing but not the exact amount, which was told to media by “informed sources.”

Qufenqi focuses on smartphones, laptops, and other consumer electronics. The business model is tailored for students and young white collar workers. Customers can choose their own down payment and the number of months over which they will make regular installments to pay for an item, up to a maximum of two years. The final price and monthly required payments are transparently shown right on the product page.

Qufenqi charges a premium in exchange for the payment plan. A Xiaomi Mi 4 that costs RMB 1,999 (US$325) off the shelf is priced at RMB 2,499 (US$406). Customers can also trade in their old phones to get a further discount.

The latest investment will be used to strengthen the existing website and launch a new website, Laifenqi. Laifenqi is a small loan provider for electronics, travel, and home rent.

Qufenqi just launched in March of this year and has already burned through two funding rounds. It closed a series B round in August, raising and undisclosed amount worth “millions of dollars” from Bluerun Ventures and Golden Summit.

(Source: QQ Tech)