Rong360, the Chinese search and recommendation service for online financial products, has announced the closure of a round exceeding 1 billion RMB ($160 million USD) in series D funding led by Sailing Capital and Jack Ma’s YF Capital, with participation from Sequoia Capital and Star VC, a venture capital co-founded by Chinese A-listers.
This round will bring the company’s total funding to more than $260 million USD, together with the $60 million USD C round, $30 million USD in Series B and $7 million USD Series A. Company CEO Ye Daqing indicated that the funds were raised at a valuation of $1 billion USD.
Rong360, launched in March 2012, let users search and compare a wide variety of online financial products, including saving funds, loans, P2P loans, mortgages and credit card services, helping China’s green-handed investors to distinguish what are the best deals for them.
The company claims to have included some 170,000 financial products, of which over 70,000 are loans products, 10,000 are credit cards and 80,000 are financial management services. It now provides services to 12.3 million users in 300 cities in total. Founded in 2011, the company scaled up rapidly to more than 700 employees.
Ye commented that Rong360 is considering the possibility of going public in the domestic market in response to a long-rumored IPO.
Image credit: Rong360, ShutterStock
Disclaimer: At TechNode we do our best to verify funding and user numbers, but we are sometimes unable to verify the internal figures of some Chinese startups.
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