Shanghai-based P2P (peer to peer) lending firm Ppdai.com has completed series B round of financing, raising tens of millions U.S. dollars, the company announced in a press conference.
Previously, Ppdai received US$25 million series A funding from Sequoia Capital in September 2012.
The company says it will use the proceeds on construction of network credit systems, IT technology improvement and senior talent recruitment.
Founded in 2007, the company says it is China's first online P2P lender approved by the country's State Administration of Industry & Commerce. The company claims it has around 2 million registered users.
In other recent deals in the Internet lending space, Yooli.com received tens of million dollars in series A funding from SoftBank China Venture Capital last November. The following month, Northern Light Venture Capital invested tens of millions U.S. dollars in DianRong.
In January, Renrendai received US$130 million series A funding led by Trust Bridge Partners, and Ventech Capital invested tens of millions U.S. dollars in Jimubox.com in February.
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