In December, Dianrong co-founder Guo Yuhang put $10 million of his own money into the company to reassure investors.
With the new investment, the company will increase its registered capital from the current RMB 300 million to RMB 500 million to comply with new rules.
The company said it will continue to scale back its offline services.
Dianrong announced that it has raised $40 million of funding from Dalian Financial Investment Group.
Updated 24 Jan 2017: This post is updated to include Dianrong’s feedback on IPO plan Chinese online lending platform Dianrong today announced additional Series D round funding of $70 million led by ORIX Asia Capital Limited, a wholly-owned investment vehicle of ORIX Corporation, with the participation of CLSA, the overseas platform of China’s top investment […]
Regional governments have intensified the clampdown on online lenders in recent months.
Shanghai’s financial regulator announced a five-year plan to develop a fintech center on par with competitors around the world.
The number of P2P lending platforms has fallen 59% since the end of 2018.
Regulators are requiring P2P firms to clear outstanding loans within a year.
No specific rules or requirements have been proposed, such as an implementation timeframe.