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P2P
companies and other alternative lenders are growing by servicing
small- and medium-sized firms, which are having increasing
difficulty raising funds as China's commercial banks veer away
from this riskier sector.
The C-round financing for Dianrong was co-led by Standard
Chartered Private Equity (SCPE) and China Fintech Fund and
followed by Bohai Leasing, the firm said in a news release on
Thursday.
A spokeswoman from SCPE confirmed the investment, but neither
it, nor Dianrong disclosed how much each firm invested.
China Fintech Fund and Bohai Leasing could not immediately be
reached for comment.
U.S. investment firm Tiger Global bought into Dianrong.com in
January, but did not disclose the size of its investment.
While P2P firms may provide a welcome boost for SMEs,
alternative lenders have come under attack as being poorly
regulated and engaging in fraudulent behavior.
(Reporting by David Lin and Engen Tham in Shanghai; Additional
reporting by Lawrence White in Hong Kong; Editing by Clarence
Fernandez)
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