Fenbeitong becomes China’s latest FinTech unicorn

Fenbeitong, a China-based corporate spend startup, has collected $140m in its Series C+ funding round.

This investment makes Fenbeitong the newest unicorn in China’s SaaS industry.

Seasoned FinTech investor DST Global served as the lead investor, with commitments also coming from existing backers Hillhouse, Ribbit, Stau, Glade Brook and Bit Rock. Also joining the round were first-time backers D1 Capital Partners, WhaleRock, Saudi Aramco’s P7 Ventures and Emergence.

This capital injection will help the FinTech company enhance its product capabilities and expand its team.

Founded in 2016, Fenbeitong aims to become the leader in corporate spend management in China. It claims that unlike its rivals that are focused on providing SaaS services, Fenbeitong operates a SaaS+Payment model.

Its services include expense management, business payment, spend management, reimbursements and more.

Fenbeitong founder and CEO Henry Lan said, “It’s all rooted in the vision of building a one-stop corporate spend platform.

“To achieve that, we partnered with airlines, hotels, rideshare platforms, and dining platforms to create a seamless travel management experience, invested heavily in building the budgeting and expense control solutions that work for companies in China, and cooperated with multiple banks to set up one-for-all digital accounts.

With the close of the round, the company has raised a total of $300m in funding. It previously raised $36m in its Series B funding round in 2020.

Yuanyi Capital served as the exclusive financing adviser to the round.

DST Global is a regular FinTech investor. It recently participated in the $935m Series E funding round of global logistics platform Flexport. It also invested into French challenger bank Qonto, which raised $552m at a $5bn valuation in January.

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