P2P lender Dianrong raises USD 40 million

Thursday 9 August 2018 00:25 CET | News

China-based online P2P lending platform Dianrong has announced it received a USD 40 million investment from Golden Investment Group.

The injection from Golden, with a registered capital of CNH 4 billion (USD 588.2 million) will improve investor confidence, according to Dianrong. The funds will be used in fintech, supply chain finance services and to help Dianrong find more reliable assets.

The funding, much smaller than previous rounds, reflects tightening conditions in the market after several dozen Chinese P2P platforms have recently failed to repay investors on time, with some investors reportedly losing CNH 100,000 to CNH 1 million each. Some of those P2P lenders are accused misrepresenting yields and using the funds for luxury gifts, salaries and for the platforms’ own finance products, which were not authorised by regulators.

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Keywords: P2P lender, Dianrong, lending, China, Golden Investment Group, investment, fintech, financing , supply chain finance, reliable assets
Countries: World