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在线翻译:
szdaily -> Business
Dianrong raises US$220 million
    2017-August-3  08:53    Shenzhen Daily

CHINESE peer-to-peer lending platform Dianrong said yesterday it raised US$220 million from a group of investors led by Singapore sovereign wealth fund GIC Pte, looking to step up research in new technology as it expands across China and explores ventures in other countries in the region.

Other investors in the funding round included CMIG Leasing, a unit of China’s biggest private investment conglomerate China Minsheng Investment Group (CMIG), and South Korean fund manager Simone Investment Managers, Dianrong said.

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

“Now we’ve graduated to another level, so people that know finance are also seeing us as someone that is really going to be part of the finance industry,” Htite said in an interview.

The company, co-founded by Htite, who was also behind U.S. online lender Lending Club Corp., already has big backers including the private equity arm of Standard Chartered and technology-focused investment firm Tiger Global Management. It raised US$207 million in a previous fund-raising round in 2015.

After launching its platform in 2012, Dianrong expanded into different services including supply-chain financing using blockchain technology, as it looks to grow beyond the crowded market in China that has thousands of P2P players. The company in 2015 unveiled a joint venture with Seoul-based conglomerate Hanwha Group to offer marketplace lending and other financial technology services in South Korea.

It recently launched a partnership in Hong Kong to offer a marketplace for Asian investors to buy into U.S. consumer loans, and in July Dianrong bought the asset origination business of Shanghai-based Quark Finance to increase the volume of loans in its platform.

The acquisition added 71 branches in 47 cities that will need to be automated and upgraded with Dianrong’s technology.

“We’re going to increase our risk management capabilities and continue to automate. We’re also going to speed up some of the R&D projects,” Htite said.

“We also want to keep capital on the side just in case another M&A opportunity appears.”

Dianrong has been studying the markets in Indonesia, Singapore, Vietnam, Malaysia, Cambodia and China’s Hong Kong and Taiwan for potential ventures, Htite said.

“There are places that we definitely are going go to, we just need to make sure that we stay on our core strategy, which is China,” Htite added. (SD-Agencies)

 

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