Dianrong scores big in latest financing
Print Edition
Dianrong.com, an online peer-to-peer lending platform, said yesterday that it has received US$207 million in the latest round of financing — the biggest in the Chinese Internet finance industry so far.
The investment was co-led by Standard Chartered Bank, China Fintech Fund and Shanghai-listed Bohai Leasing. It was also the first time globally that a commercial bank has made a direct equity investment in an Internet finance company.
“Our new investors are companies who have been doing finance for hundreds of years,” said Soul Htite, Dianrong’s chairman and CEO, who predicted P2P to become a “Bank of Tomorrow.”
The latest financing followed one in January when Shanghai-based Dianrong announced a B-round of funding from Tiger Global Management, an investor in Alibaba and JD.com.
“P2P lending is a major direction of the global finance industry transformation,” said Zhu Wei, managing director of Standard Chartered Private Equity.
He said P2P “will shape the evolution of future commercial banking.”
Founded in 2012, Dianrong offers lenders 5.5-10 percent annual return for online P2P services, higher than bank interest rates.
P2P loans via the Internet rose to a record 82.5 billion yuan (US$12.9 billion) in July, 3.8 times from a year ago. The total volume is set to hit 800 billion yuan this year, according to Online Lending House, a portal site that tracks the sector.
P2P allows individuals and small and medium-sized enterprises to get loans.
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