Lightspeed China Partners Leads Series B Round For

Shanghai-based P2P (peer to peer) lending firm has completed series B round of financing, raising tens of millions U.S. dollars, the company announced in a press conference.

Lightspeed China Partners led the round. New York Stock Exchange-listed wealth management service provider Noah Private Wealth Management and existing investor Sequoia Capital also participated.

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, 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 Trustbridge Partners, and Ventech Capital invested tens of millions U.S. dollars in in February.