Expense management startup Fenbeitong has raised $36m in a new Series B round backed by CreditEase Fintech Investment Fund (CEFIF), Eight Roads, Glade Brook Capital, Ribbit Capital, IDG Capital and China Growth Capital.
China-based Fenbeitong was founded in 2016 and has helped over 1,000 companies so far better improve how they manage their expenditures.
The startup will use the money to develop its product and improve its customer experience.
“In the US, we have seen unicorns like Brex, Divvy, and TripActions quickly rising up in the corporate expense management sector, taking market share from traditional industry giants such as American Express and SAP Concur,” said Lan Xi, founder of Fenbeitong.
“Through technology innovation, they combine multi-functions into one platform where customers can manage their corporate credit card payment, business travel expenditure and other expenses. The innovative service model has earned the approval of a growing number of companies. The same trends are happening here in China. We have achieved triple-digits growth in revenue over the past two years and expect to maintain this strong momentum in 2020.”
Dennis Cong, managing partner at CEFIF, added, “As an existing investor and business partner, we are very pleased to be part of Fenbeitong’s growth journey since its A+ round. We are bullish on the FinTech-enabled B2B corporate services market and Fenbeitong marks one of our key investment in this sector. We look forward to working with more companies that have the potential to disrupt and innovate this industry.”
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