Chinese P2P lending site Ppdai has announced that it received Series C funding led by Legend Capital and SIG, and followed by VMS Investment Fund, Sequoia Capital and Lightspeed China Partners. The company did not disclose the exact amount raised, only saying that the funding amount is close to US$100 million. The capital raised will be used to improve its credit risk management systems.

The Shanghai-based startup had previously received US$25 million of Series A financing from Sequoia Capital in September 2012. A US$50 million B round was secured from Lightspeed China Partners in April 2014.

Founded in 2007, Ppdai is an online platform for peer-to-peer small unsecured loans in China. It standardizes personal behaviors of debit and credit, and brings returns to both lenders and borrowers.

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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.