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.