Greenwoods leads $32m round for Chinese internet finance site Rongzi
Greenwoods Investment has led a RMB200 million ($32 million) Series A round of funding for Rongzi.com, a Chinese internet finance platform, with participation from New Access Capital.
Founded in 2010, Shanghai-headquartered Rongzi enables offline financial institutions to provide loans for small and medium-sized enterprises. It claims that more than 1,000 banks, securities firms, trust and leasing companies have joined its platform since inception, offering nearly 2,000 financing products.
The company plans to use the new capital to ramp up its business with a view to covering all major Chinese cities by 2016, Yujian Hu, Rongzi's CEO, told local media. It will also upgrade its website, launch a new mobile app and engage in brand promotion campaigns, as well as look for potential acquisition targets.
Hao Wang, a managing partner at Greenwoods, said the firm was attracted by Rongzi's management team, which has extensive experience in banking and internet services. Team members have previously worked at China Construction Bank, Bank of China, Alibaba Group, Baidu and others.
Greenwoods invests in consumer and services, healthcare, technology, media and telecom, and advanced manufacturing. Three months ago, it took part in a $100 million Series C round for Lamabang, a Chinese online social networking platform that targets mothers.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.