Shenzhen-based installment payment e-commerce platform Fenqile has received a strategic investment from e-commerce platform JD.com. The two parties plan to work together to create better online financial services to China’s youth, according to a statement posted on Fenqile’s Weibo account.
No specific deal terms were disclosed.
In December 2014, Fenqile just completed undisclosed series B round of financing led by DST Global, an investment firm founded by Russian businessman Yuri Milner, with participation from existing investors China Renaissance K2 Ventures, Matrix Partners China, and Bertelsmann Asia Investments.
Fenqile has sourced its products from JD.com since its founding in 2013. The strategic investment will expand the two parties cooperation to include supply chain management, risk management, and financial products.
Fenqile targets China’s colleague students, allowing them to purchase trendy electronics with installment payments.