P2P Lending Firm Ppdai Receives Series B Financing From Sequoia Capital

Shanghai-based P2P (peer to peer) lending firm Ppdai.com has received tens of millions U.S. dollars series B funding from Sequoia Capital, according to Chinese media reports.

Previously, Ppdai received US$25 million series A funding from Sequoia Capital in September 2012.

Founded in 2007, the company says it is the first online P2P lender approved by China’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 this month.

China Expert network