Morningside backs China online P2P lender Yooli

The size of the investment amounts to tens of million dollars.

Yooli launched in February 2013. It is operated by Beijing Honghe Boji, which was set up by Yannan Liu, formerly of Merrill Lynch and TPG Capital. It connects individual lenders with small-scale borrowers, whose credit rating is accessed by third-party institutions that aren't involved in the transactions.

Softbank provided the Series A round last November. 

The platform has now grown to more than 790,000 registered users, with a total transaction value exceeding RMB1.9 billion ($306 million). The new investment will be used to develop new products, upgrade IT technology and enhance its risk control system, Liu told local media.

VC investment in Chinese P2P platforms continues apace. Earlier this month, Sequoia Capital and TOM Group backed Hong Kong P2P start-up WeLAbs, while in April, Lightspeed China Partners led a Series B round of funding for PPDai. Other investors included Sequoia Capital and Noah Holdings.

In January, Trustbridge Partners led a $130 million Series A round for Renrendai, claiming it was the largest transaction ever seen in the P2P space globally. 

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