Sailing, Yunfeng lead $158m round for China’s Rong360

Sequoia Capital and Star VC also took part in this round, which values the company at approximately $1 billion.

Founded in2011, Rong360 provides online search service for a variety of financial products, covering bank loans, peer-to-peer lending, wealth management and credit cards. The company receives commission from lenders and borrows on each transaction.

It claims to have aggregated about 170,000 loan products from banks and financial institutions. Its services cover more than 100 Chinese cities and more than 12 million users have registered on the platform.

Rong360's previous round was completed in July last year, when Temasek Holdings' Pavilion Capital led a $60 million Series C round. Existing investors Sequoia, Lightspeed China Partners and KPCB also participated. The company raised a $30 million Series B in 2013 and a $7 million Series A in 2012.

The new funding will be used to scale up the business, develop new products, and strengthen risk control mechanisms, Daqing Ye, founder of Rong360, told local media. The company will also invest in brand building and improving user experience.

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• Topics
• Greater China
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• SAIF Partners
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