Dianrong pockets $40 million funding amid mounting P2P defaults in China

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P2P平台点融宣布获4000万美元融资Tencent Tech

What happened: Chinese P2P lending platform Dianrong announced that it has raised $40 million of funding from Dalian Financial Investment Group Co. Ltd. The current round will increase the company’s total funds raised to date to over $500 million. Its previous investors include big titles such as Standard Chartered, GIC Private Limited, Singapore’s sovereign wealth fund, CMIG Leasing, Simone Investment Managers, etc.

Why it’s important: Dianrong is an online P2P lending platform founded by Soul Htite, co-founder and former CTO of Lending Club. The company has become an investor darling since its establishment in 2012. The funding comes at a time when China is experiencing an increasing number of P2P defaults. The financing is even more significant for gaining trust and confidence from investors.