Chinese corporate expense management startup secures $36 million
03/12/2020|4:41:54 PM|Vola News

Chinese corporate expense management startup Fenbeitong has secured $36 million in a Series B+ round of financing led by Silicon Valley-based fintech venture firm Ribbit Capital, and Paul Hudson’s growth equity firm Glade Brook Capital. 

Eight Roads Ventures, the investment platform of Fidelity International Limited, was the third lead investor of the new round, joined by an array of domestic investment companies including fintech-focused BitRock Capital, China Growth Capital, Beijing-based IDG Capital, and CreditEase FinTech Investment Fund, an RMB-denominated fund launched by Chinese fintech conglomerate CreditEase, according to a statement on Tuesday. 

Established in 2016, Fenbeitong claims to have served over 1,000 medium and large-sized domestic enterprises such as hot pot restaurant chain Haidilao, medical aesthetic information provider So-Young, New York-listed apartment rental operator Danke Apartment, and Kingsoft Cloud, the cloud services division of Chinese software firm Kingsoft.

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