China P2P site Tuandaiwang raises $262m

CMIG, one of the largest privately-held investment groups in China, committed RMB700 million in the round, a statement said. Two other domestic investors, Beijing Yisheng Innovation Technology and Beihai Hongtai Investment, invested RMB650 million and RMB150 million, respectively.

The company plans to use the proceeds to develop its technology, apply for new financial licenses, and prepare for a public listing.  

Like other P2P online lending platforms in China, five-year-old Tuandaiwang connects individual lenders with small-scale borrowers, meeting the needs of small and medium-sized enterprises that don’t qualify for bank financing. It also allows individuals to access different investment products, including private funds and mutual funds, with a view to generating higher returns than traditional saving options.

Since its incorporation, Tuandaiwang has facilitated more than RMB78 billion in cumulative loans and helped lenders generate RMB2.3 billion in returns.

The company previously raised RMB657 million across three rounds of funding from state-owned enterprises, private equity firms, and Chinese listed companies. They include JD Capital, an investment unit of Giant Interactive Group, EBI Capital, and a PE unit of Dongguan Securities.

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• Topics
• Greater China
• Technology
• Expansion
• Financials
• China
• TMT
• Financial Services
• Growth capital
• China Minsheng Investment Group