China online finance site Licaifan completes $51m round

Founded in March 2014, Licaifan connects individual lenders and small-scale borrowers online. It provides a variety of financial products to online lenders, such as real estate mortgage, auto finance, and installment payment plans for students. Since inception, the company has gained more than 630,000 registered users, facilitating a total of RMB4.8 billion in loans.

Licaifan raised an undisclosed sum in a Series A round from Chinese angel investor Guangmao Lin in June 2014. Last year, Magic Stone Alternative led a RMB210 million Series B round for Licaifan, followed by domestic firm Zhong Capital.

The new funding will be used to expand the company's services and offerings, and to provide loans to listed Chinese companies, local media reported.

Due to intensifying completion and government regulation, Chinese internet finance companies are pushed to diversify the business beyond pure peer-to-peer (P2P) lending platforms. Meili Jinrong is one example; the firm was founded last September after it was spun out from Yooli.com, focusing on consumer finance opportunities such as second-hand car financing businesses. It received funding from JD Finance earlier this month.

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• Topics
• Greater China
• Venture
• Financials
• Expansion
• China
• Venture
• Financial Services
• Growth capital
• TMT