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Family and Friends Money Lending App 'Jiedaibao' Wins RMB 2.5 Bln Series B

Jin Rong Jie, 1/25/16

Beijing-based Renrenxing Technology, operator of close-relation-money-lending app Jiedaibao, recently announced completion of RMB 2.5 bln Series B funding and estimated its post-funding valuation at RMB 50 bln. The company did not disclose the identity of investors, but said that this funding round was led by a large joint-stock commercial bank, with multiple institutional and individual investors participating. Renrenxing completed RMB 2 bln Series A funding in August 2015, at which point the company was valued at RMB 22 bln.

At an annual meeting held recently by Renrenxing, senior management revealed plans to release a commercial edition of Jiedaibao in 2016 that will connect enterprise, individual and bank users to provide financing to medium- and small-sized businesses.

Editor's Note: For more information on this topic, please see "Family and Friends Money Lending App 'Jiedaibao' Wins RMB 2 Bln Series A," MD 8/12/15 issue.

Keywords: funding valuation wireless Series B Renrenxing Jiedaibao mobile application online lending mobile lending

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