Installment Plan E-commerce Platform Fenqile Wins USD 235 Mln Series D
Sina Tech, 6/15/16
Shenzhen-based Fenqile Network Technology, operator of online and mobile installment plan e-commerce platform Fenqile.com, recently announced completion of USD 235 mln Series D funding led by Beijing-based Huasheng Capital, CoBuilder Partners Venture Fund, and an unspecified Chinese insurance institution. Fenqile said that additional Series D investors and specific funding amounts will be made public as these investments are completed. Xiao Wenjie, CEO of Fenqile, said that the Series D funds will be used to accelerate business expansion, create a risk management system, and support brand development.
Fenqile operates through online and mobile app e-commerce platforms and allows users to pay for their purchases under an installment credit system. The company monetizes by collecting a service fee with each payment. When the platform was first launched it originally focused on university student users, but its business has now expanded beyond college campuses to include blue collar and white collar users. The platform offers installment plans for products such as digital electronics, sports equipment, toiletries and beauty products, and education and training items.
Fenqile, established in August 2013, completed Series C strategic funding from Chinese B2C e-commerce platform JD.com (Nasdaq: JD) in March 2015.
Editor's Note: For more information on this topic, please see "JD.com Invests in Installment Plan E-commerce Site Fenqile," MD 3/18/15 issue.
Keywords: VC business model e-commerce Internet Huasheng Capital Series D installment plan Fenqile Xiao Wenjie CoBuilder
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