Chinese student micro-credit site Fenqile recently announced an undisclosed amount of investment from e-commerce giant JD.com. The startup has previously received angel investment from China Renaissance K2 Ventures and an A round from Matrix Partners China in early 2014. The new funding follows a massive US$100 million Series B led by DST, followed by Bertlesmann Asia Investments and existing investors.

Founded in 2013, Fenqile allows buyers (mostly college students and young white collar workers) to borrow small sums of money to buy consumer electronics in monthly instalments. Customers can choose items from e-commerce sites like JD and Tmall, and then pay for them via Fenqile by selecting a down payment and the number of months they will pay off the remainder. Interest rates vary accordingly.

It is a logical move for JD to invest in Fenqile despite the fact that the e-commerce giant has already developed its own consumer credit services, both for general users and college students. JD has long teamed up with Fenqile to sell their products, with the latter now one of JD’s largest distribution partners.

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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.