Haitong Capital Leads $32M New Round In 91JinRong

Beijing-based Chinese online financial intermediary 91JinRong says it has received around RMB200 million (US$32 million) new round of financing led by Haitong Capital, according to a company announcement.

Existing investors CBC Capital and Matrix Partners also participated in the round. The latest round reportedly values the company at RMB1 billion (US$161 million).

The company says it will use the proceeds on improving its products and services, as well as  creating securitized products.

91JinRong previously received US$9.6 million from investors including CBC Capital in September 2013. It received an undisclosed amount angel investment from Matrix Partners.

Established in 2011, 91JinRong offers users a safe online platform for loans, credit card, insurance and wealth management products. It has offices in Beijing, Shanghai, and Guangzhou, providing services in a total of 87 cities in China.

Haitong Capital is the direct investment arm of Chinese securities firm Haitong International Securities Group Limited.

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