Dianrong Increases Series D Round Funding by US$70 MillionJanuary 24, 2018
Additional Investment led by Global Financial Leader ORIX
Total Series D Round Funding Now US$290 million
SHANGHAI, 24 Jan 2018 – Dianrong today announced additional Series D round funding of US$70 million that was led by ORIX Asia Capital Limited, a wholly-owned investment vehicle of ORIX Corporation, and CLSA, the overseas platform of CITIC Securities, China’s largest investment bank, which in turn is a part of CITIC Group, one of China’s largest conglomerates.
Soul Htite, Founder and Executive Chairman of Dianrong, said, “ORIX is an amazing company with global reach and a proven commitment to innovation and value creation. We are thrilled to welcome them to Dianrong and look forward to working together to further leverage fintech to better serve the financial needs of small businesses in China and across the region.
“CLSA is connected to some of the most dynamic companies in Asia and has a growing interest in supporting China’s fintech sector to expand its capabilities. Dianrong shares this commitment and we look forward to working together to help more small enterprises leverage fintech to grow and succeed,” Mr. Htite said.
Kiyoshi Fushitani, Director and Corporate Executive Vice President of ORIX, said, “Dianrong is at the frontiers of fintech and we are delighted to be part of their journey. Spanning from credit to leasing, ORIX has established its presence in the financial industry since 1964 and has accumulated significant knowledge and a far-reaching business network around the world. Beyond the investment, ORIX is looking forward to collaborating with Dianrong in China and emerging Asia.”
CLSA Chairman Zhenyi Tang said, “CLSA is focused on investing into China’s growth sectors and supporting companies that we believe have excellent potential to expand and innovate. To that end, we are delighted to further Dianrong’s ongoing efforts to put financial technology to work for China’s millions of small businesses and lenders.”
Long Hsiang Loh, CEO of Dianrong, said, “ORIX and CLSA understand the untapped potential of China fintech. This latest capital injection in Dianrong gives us even more options and greater flexibility to enhance our business operations and deliver fintech innovations to China’s small businesses. We will also benefit from the global experience and strategic insights and support of world-class companies like ORIX and CLSA.”
This latest investment in Dianrong follows US$220 million of Series D round funding in August 2017 that was led by GIC Private Limited and included CMIG Leasing and Simone Investment Managers. In 2015, Dianrong completed its Series C round funding of US$207 million that was led by Standard Chartered Private Equity and included China Fintech Fund. Investors from earlier funding rounds included Tiger Global Management, AMTD, Northern Lights Venture Capital and Max Giant.
Dianrong is a leader in online marketplace lending in China. Founded in 2012 and headquartered in Shanghai, Dianrong offers small businesses and individuals a comprehensive, one-stop financial platform supported by industry-leading technology, compliance and transparency. The company’s sophisticated and flexible infrastructure enables it to design and customize lending and borrowing products and services, based on industry-specific data and insights, all supported by online risk-management and operation tools. Dianrong’s specific offerings include marketplace lending-related services and fintech solutions. Dianrong was named in 2016 to the executive directorship of the National Internet Finance Association of China, led by the People’s Bank of China. For more information, please visit: www.dianrong.com/en.
About ORIX Asia Capital Limited
ORIX Asia Capital Limited (OAC), a wholly-owned subsidiary of ORIX Corporation, is the investment platform for ORIX in the Greater China region. Built on ORIX’s reputation, experience, resources and network, OAC has developed into a leading principal investment firm focusing on diversified investments including private equity, GP/LP investment and structured financing. Since its inception, OAC has invested in many leading companies from several industries including renewable energy, infrastructure, healthcare, consumer goods, and Fintech etc. OAC is considered to be a strategic partner with strong commitment to the long-term development of the portfolio companies. For more details, please visit: www.orixasiacapital.com.hk/en/
ORIX Corporation (TSE: 8591; NYSE: IX) is an opportunistic, diversified, innovation-driven global powerhouse with a proven track record of profitability. Established in 1964, ORIX at present operates a diverse portfolio of businesses in the operations, financial services, and investment spaces. ORIX’s highly complementary business activities span industries including: energy, private equity, infrastructure, automotive, ship and aircraft, real estate and retail financial services. ORIX has also spread its business globally by establishing locations in a total of 40 countries and regions across the world. Through its business activities, ORIX has long been committed to corporate citizenship and environmental sustainability. For more details, please visit: www.orix.co.jp/grp/en.
CLSA is Asia’s leading capital markets and investment group, providing global investors with insights, liquidity and capital to drive their investment strategies. Award-winning research, an extensive Asia footprint, direct links to China and highly experienced finance professionals differentiate our innovative products and services in alternative investment, asset management, corporate finance, capital and debt markets, securities and wealth management. As the international platform of CITIC Securities, (SSE: 600030; HKSE: 6030), China’s largest investment bank, CLSA is uniquely positioned to facilitate cross-border capital flows and connect China with the world and the world to China. Headquartered in Hong Kong, CLSA operates across Asia, Australia, Europe and the United States. For more details, please visit www.clsa.com.