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Financial Product Search Engine Rong360 Raises US$60M in Series C
Rong360, the Chinese search & recommendation engine for financial products, announced today US$60 million in Series C funding led by Pavilion Capital Pte and joined by existing investors, Sequoia China, Lightspeed Venture Partners and KPCB.
The company has raised a total of more than US$100 million, with US$30 million in Series B and US$10 million in Series A.
Rong360 now offers a variety of categories of online financial products, including loan, peer-to-peer lending, credit card, newly created products such as Yuebao and Yulebao by Alibaba. It has aggregated about 50, 000 products from 10,000 banks and financial institutes, according to the company.
The credit card and personal finance product search are available in more than 200 Chinese cities. The company has built sub-sites for 100 cities offering services provided by local financial institutes.
Apart from the website, Rong360 has developed six apps. Founded in 2011, Rong360 now has more then 200 employees.
Online financial services are booming in China. Tech startups are developing all kinds of online financial products, personal finance management apps, online loan services, etc. Chinese users are actively embracing those services. Encouraged investors are not only pouring money into those financial products but also search services. It is expected one or two such search engines will stand out in online finance market, just like Qunar in online travel market.