Investment led by GIC Private Limited will accelerate and expand growth
SHANGHAI, Aug. 2, 2017 /PRNewswire/ -- Dianrong today announced Series D round funding of US$220 million from leading global investment funds. This latest funding was led by GIC Private Limited, Singapore's sovereign wealth fund, along with CMIG Leasing, Simone Investment Managers, and other institutional and individual investors.
In 2015, Dianrong completed its Series C round funding of US$207 million from Standard Chartered Private Equity, China Fintech Fund, Tiger Global Management, and Bohai Leasing.
Soul Htite, Founder and CEO of Dianrong, said, "We are humbled and honored to welcome GIC, CMIG Leasing, and Simone Investment Managers, to the Dianrong family. The addition of these distinguished global investors not only validates our past successes, but reinforces our commitment to 'The New Finance', which applies fintech to deliver greater financial freedom to Chinese families and small businesses. This latest capital injection will help us expand and accelerate these efforts and further drive sustainable and profitable business growth."
Kevin Guo, Founder and Co-CEO of Dianrong, said, "Dianrong's success to date stems from great technology and talented employees, as well as investors who share our fintech vision and encourage us every day to innovate and lead. Adding world-class investors like GIC, CMIG Leasing and Simone ensures we will continue to be a catalyst for positive change within China's fintech market and beyond."
Tang Min, President of CM International Financial Leasing Co., Ltd, said, "Dianrong's commitment to technology, transparency and compliance makes it a trusted partner and the right investment for us. CMIG Leasing was impressed by the company's achievements in fintech and their perfect utilization in the lending business. We believe that the combination of fintech developed by Dianrong and the leasing business will create more value for both industries. We're delighted to be a part of Dianrong's future."
Dianrong recently announced the acquisition of the asset-generation operations of Quark Finance, which tripled the company's local footprint across China. Earlier this year, Dianrong also launched Chained Finance, the first-ever blockchain platform for supply-chain finance developed in partnership with FnConn, a subsidiary of Foxconn Technology Group.
Dianrong, a leader in online marketplace lending in China, originates US$500 million in monthly assets for 4 million retail lenders. Founded in 2012, Dianrong offers individuals and small and medium-sized enterprises a comprehensive, one-stop financial platform supported by industry-leading technology, compliance and transparency. The company's sophisticated and flexible infrastructure enables it to design and customize lending and borrowing products and services, based on industry-specific data and insights, all supported by online risk-management and operation tools. Dianrong's specific offerings include loan originations, investment products and marketplace lending solutions. Dianrong was also named in 2016 to the executive directorship of the National Internet Finance Association of China, led by the People's Bank of China. Based in Shanghai, Dianrong has 28 offices across China and employs approximately 3,500 professionals, including 600 full-time fintech engineers. For more information, please visit www.dianrong.com/en.
About GIC Private Limited
GIC is a leading global investment firm with well over US$100 billion in assets under management. Established in 1981 to secure the financial future of Singapore, the firm manages Singapore's foreign reserves. A disciplined long-term value investor, GIC is uniquely positioned for investments across a wide range of asset classes, including real estate, private equity, equities and fixed income. GIC has investments in over 40 countries and has been investing in emerging markets for more than two decades. Headquartered in Singapore, GIC employs over 1,400 people across 10 offices in key financial cities worldwide. For more information about GIC, please visit www.gic.com.sg.
About CMIG Leasing Holdings Limited
CMIG Leasing Group is a global leasing group registered in the Tianjin Pilot Free Trade Zone, with registered capital of RMB15 billion yuan in the first phase. The company, with offices in Hong Kong, Tianjin, Shanghai and Ireland, focuses on aviation, port logistics, health care and clean energy. For more information, please visit www.cm-inv.com/en/Leasing/index.htm.
About Simone Investment Managers
Simone Investment Managers is one of Korea's leading privately-placed fund management companies, specializing in real estate and alternative assets. The company's strategy is to combine stable financial support from its controlling shareholder and investment professionals. For more information, please visit www.simonefg.co.kr/en.