Rong360 reportedly raised $30 million in Series B at a valuation bigger than $100 million led by Sequoia China. Before this round the company raised $7 million Series A from KPCB, Lightspeed China Partners and Zero2IPO Venture in March 2012. All those investors also contributed to the new round.
Starting as a search engine for users to search for and compare online lending products, Rong360 later enabled users to apply for one directly after searches and comparisons. The model sounds similar to that of Qunar who started as an online travel search and added OTS (online travel service) to allow users to book tickets or hotels directly on its platform. That may be why it won the angel funding from Qunar’s CEO.
As we introduced before, Rong360 plans to charge financial product providers for lead generation, transactions or advertising. Android and iOS apps are also available.