Dianrong closes $220m Series D led by GIC Private Limited

China-based Dianrong has closed its Series D funding round on $220m, which was led by GIC Private Limited.

Other backers to the Series included CMIG Leasing and Simone Investment Manager, among others.

The company is a marketplace lending platform, which uses data and insights to create the its lending and borrowing products.

Dianrong founder and CEO Soul Htite said, “The addition of these distinguished global investors not only validates our past successes, but reinforces our commitment to ‘The New Finance,’ which applies fintech to deliver greater financial freedom to Chinese families and small businesses.

“This latest capital injection will help us expand and accelerate these efforts and further drive sustainable and profitable business growth.”

The company’s Series C funding round closed on $207m in 2015, receiving contributions from firms including Standard Chartered Private Equity, China FinTech Fund, Tiger Global Management, and Bohai Leasing.

Earlier this year the company acquired the asset-generation operations of Quark Finance, tripling its presence in China. This year the company also launched its Chained Finance, which is a blockchain platform for supply chain finance.

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