Morningside Leads Series B Funding For China’s Yooli.Com

Beijing-based Chinese peer-to-peer financing platform Yooli.com says it has received series B financing amounting to tens of million U.S. dollars from Morningside Ventures, according to Chinese media reports.

The company says it will use the proceeds on developing new products, upgrading its IT and risk management systems, as well as hiring new talent.

In November 2013, Yooli received series A funding from SoftBank China Venture Capital.

Launched in February 2013, Yooli claims that it has nearly 760,000 registered users and has transacted more than RMB1.8 billion (US$290 million) in peer-to-peer financial products.