Nanjing-based Banghang Investment Management, operator of mobile rent installment payment platform 58 Fangdai, has completed RMB 8-digit Series D+ funding led by Chinese conglomerate Shuangliang Group. After this round of funding, 58 Fangdai will continue to improve its rental market ecosystem and implement its nationwide roll-out of rent installment payment services.
58 Fangdai specializes in rent installment payment services primarily aimed at young people who are faced with difficulties working with traditional rent payment options, such as paying one month deposit plus three months of rent, a half year's rent, and even a full year's rent up front.
The platform has already facilitated close to RMB 1 bln in loans to hundreds of thousands of users. Currently, 58 Fangdai's rent installment payment services have expanded to more than 20 cities including: Beijing, Nanjing, Shanghai, Hangzhou, Tianjin, Zhengzhou, Taiyuan, Suzhou, Wuhan, and Chengdu.
Earlier this year, 58 Fangdai completed USD 8-digit Series D funding led by Chinese internet company Baidu (Nasdaq: BIDU), and with participation from Yingzhi Tianze Fund (a jointly managed fund between Phoenix TV (2008.HK) subsidiary Fengjr.com and Huarong Tianze Investment).
Editor's Note: 58 Fangdai operates via an official account on Tencent's (0700.HK) WeChat mobile messaging platform and via a channel within Alibaba Group (NYSE: BABA) affiliate Ant Financial's Alipay mobile payment app. For more information on this topic, please see "Rent Installment Platform 58 Fangdai Completes Series D Financing," MD 1/19/17 issue.