91jinrong, an online financial intermediary, secured 60 million yuan ($9.79 million) of Series A financing from consortium led by CBC Partners. The company has previously received millions of yuan of angel investment from Matrix Partners China. The funds will be in position this September, according to Xu Zewei, founder of the company (report in Chinese).
91jinrong currently prioritizes loan business and aims to become a supermarket of financial products. 91jinrong mainly concentrate on Beijing-based financial institutions, such as micro-credit firms, P2P platforms and pawnshops, because the differences in operation mechanisms for financial institutions based in various regions are huge and 91jinrong want to start with a specific region.
The company only charges financial institutions, not the customers, for its services. It cooperates with tens of financial institutions and records 40,000 daily visitors as of February this year. The financial institutions cooperate with 91jinrong reportedly receives around 100 deals per day (source in Chinese).