JD-backed Student Microloan Site Fenqile Lands $235M Funding

Fenqile, one of China’s leading student micro-loan startups, has sealed $235 million USD in funding, the company announced on Wednesday. The injection is part of a larger D series round that has not yet closed, they noted.

Founded in August 2013, Fenqile lends users small sums of money for things ranging from electronics to skill training programs. The service is mostly target at students and offers budget short and long-term installment plans.

The platform now claims to have over 10 million users from user demographics outside of students. Data from the company shows that its sales for the first half of 2016 have hit 10 billion RMB ($1.52 billion USD).

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