Yooli, a P2P lending platform, announced that it has secured tens of millions of dollars in Series B financing led by Morningside Ventures, which is also the investor of  Sohu, Ctrip, Xunlei, UC, Xiaomi and YY. The company has received 10 million of Series A funding from Softbank China Venture Capital last year.

The capital will be used in product development, upgrading of IT technologies, risk control and team construction, according to Liu Yannan, CEO of the company.

Launched in 2013, Yooli now cooperates with 23 offline micro-credit companies, offering investors access to loans that are originated from many of the smaller P2P platforms. In order to build trust and confidence, Yooli partners with a third party to assess the credit quality of each individual loan. They also partnered with third-party guarantors to ensure that the lenders receive monthly returns.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.