AVCJ

DST leads $100m round for Chinese payment platform Fenqile

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DST Advisors has led a $100 million Series B round of funding for Fenqile.com, a Chinese installment payment platform.

Existing investors Bertlesmann Asia Investment (BAI), Matrix Partners China, China Renaissance K2 Ventures are also participated.

Founded in 2013, Fenqile targets college students, allowing them to purchase electronic goods online and pay in installments. The company claims its service covers 2,000 colleges. It has sales centers in about 40 Chinese cities, including Beijing, Shanghai and Shenzhen, where users can pick up purchased products.

According to AVCJ Research, Fenqile raised its first angel investment in April of this year from Matrix Partners and China Renaissance K2 Ventures, and moved on to a Series A round worth $10 million in August.

The new capital will be used for risk enforcement, hiring new staff and marketing. Wenjie Xiao, the company's founder, told local media that he plans to introduce a similar service for professionals.

The latest investment comes after Fenqile's rival Qufenqi secured a reported $100 million Series C round led by BlueRun Ventures last week. Prior to that, Source Code Capital, Golden Summit and BlueRUn invested in a Series B round of funding in August.

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