Fenqile gets additional financing
Print Edition
FENQILE, an Internet finance firm targeting university students and young people, said yesterday that it has raised US$235 million in the latest round of financing — the biggest fundraising in the industry so far this year.
Fenqile, founded in 2013 by senior executives from Tencent and domestic banks, offers loans via the Internet to young consumers when they buy products like iPhones in China. It reaped about 10 billion yuan (US$1.5 billion) in transactions in the first half of this year.
The latest round of financing drew China Renaissance, CoBuilder Partners and a domestic insurer, whose name was not revealed by Fenqile.
The firm has over 10 million users nationwide and cooperates with companies like JD.com, Apple, Oppo and Meizu.
DST, JD.com and Bertelsmann had also invested in Fenqile in previous rounds of financing.
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