Chinese university student micro-loan site Qufenqi announced that it has secured a massive $200 USD million investment led by Ant Financial, Alibaba Group’s financial-services affiliate, with participation of current investors Kalends, BlueRun Ventures and Source Code Capital.
As the fifth investment received by the company, the current round would push the Qufenqi’s total funding to more than $400 million, including two $100 million rounds secured in December 2014 and April 2015, eight-digit USD funding landed in August 2014 and two other smaller rounds received in the same year.
The tie-up will help Qufenqi to further integrate its platform with Alibaba’s Alipay and Sesame credit-scoring service to construct a financial ecosystem for university students. Under the deal, Ant Financial will assign a board member for the startup.
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