Standard Chartered Joins $207M Series C Round In DianRong

Shanghai-based P2P (peer to peer) lending platform DianRong has completed US$207 million series C round of financing led by Standard Chartered PLC and China Fintech Fund, according to an announcement posted on the company’s Weibo account.

Bohai Leasing Co., Ltd. and all existing investors also participated in the round.

The deal is significant in that it is the first time a traditional bank has invested in an Internet finance start-up in China.

In January, the company revealed it received a new round of financing from New York-based investment firm Tiger Global Management LLC. The round was reportedly worth tens of hundreds of million U.S. dollars.

Founded in 2012, Dianrong received an undisclosed series A round of financing from Northern Light Venture Capital in December 2013.

In October 2014, DianRong received series B financing from Hong Kong-based financial services firm Sun Hung Kai & Co. Limited. The round was reportedly worth US$10 million.

DianRong, a P2P lending and financial services platform for small and medium enterprises in China, is founded by Soul Htite, co-founder of U.S. P2P lender Lending Club.

(Dianrong announced the news on August 25, 2015 in an announcement.)