Nanjing-based Banghang Investment Management, operator of mobile rent installment platform 58 Fangdai, recently announced completion of RMB 300 mln in Series E funding led by Mingdao Jinkong.
Also participating this round were prior-round investors Jiufu Jinke Holdings, Jiuchuang Capital, and Will Hunting Capital, as well as new investors Yingzhi Capital, a government industry development fund, and a real estate firm listed on the Hong Kong Stock Exchange. Yingzhi Capital is managed by Phoenix Lilita Information Technology, operator of online finance and business services platform Fengjr.com.
Banghang is a rent installment payment service provider. The 58 Fangdai platform provides rent installment payment services for landlords and renters, and helps young renters solve traditional urban rental challenges such as leases requiring three-month, six-month, or full-year payments up front.
Over RMB 14 bln in loans has been transacted through the platform. The platform provides monthly rental payment services in more than 20 cities including Beijing, Nanjing, Shanghai, Hangzhou, Tianjin, Zhengzhou, and Chengdu.
Banghang, established in January 2015, currently operates through an app and a public account on Tencent's (0700.HK) WeChat mobile messaging app. The company completed USD 8-digit Series D funding from internet company Baidu (Nasdaq: BIDU) and Yingzhi Tianze Fund in February 2017, and RMB 8-digit Series D+ funding in April 2017. Yingzhi Tianze Fund is managed jointly by Fengjr.com and Huarong Tianze Investment.