<article>Shanghai-based peer-to-peer (P2P) financing platform Dianrong has raised $40 million from Dalian Finance Industry Investment Group (DFIIG), it said in an announcement on August 7.</article>

Shanghai-based peer-to-peer (P2P) financing platform Dianrong has raised $40 million from Dalian Finance Industry Investment Group (DFIIG), it said in an announcement on August 7.
DFIIG is a multi-sector, regional and integrated financial business co-founded by ORIX Group, Dalian Anywide Holdings, Dalian Construction Investment Group, and Dalian Rongda Investment. It is engaged in banking, insurance, investment funds, asset management and financial services.
Dianrong CEO Luo Longxiang said proceeds of the investment will be used for expanding its assets and the research and development of fintech projects such as Dalian financial technology cloud platform and supply chain trading platform.
Dianrong has raised four financing rounds so far. It had earlier raised a $290-million Series D round backed by Singapore sovereign wealth fund GIC, Japan&#8217;s ORIX Corp, China Minsheng Investment Group, and Korea&#8217;s Simone Investment Management.
In August 2015, it raised a $207-million Series C from Standard Chartered Private Equity and China Fintech Fund. Early backers of Dianrong include Tiger Global Management, Northern Lights Venture Capital, Hong Kong-based AMTD Group and Max Giant.
Founded in 2012, Dianrong offers loan origination, investment products and marketplace lending solutions. The startup claims that it is facilitating $500 million worth of loans each month for four million retail borrowers.
Chinese regulators have been cracking down on fraudulent P2P platforms, leading to panicked investors pulling their investments out of the platforms and causing them to lose confidence in smaller lending platforms.
Similarly, Indonesia&#8217;s Financial Services Authority (OJK) is also in the process of <a href="https://www.dealstreetasia.com/stories/indonesia-identifies-227-illegal-p2p-lending-startups-mostly-from-china-103546/">regulating P2P platforms</a> in the country. It has identified up to 227 illegal platforms, with most of them being from China.
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<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/singapore-gic-leads-200m-series-d-in-chinas-dianrong-79367/">Singapore: GIC leads $200m Series D in China’s P2P lender Dianrong</a>

Shanghai-based peer-to-peer (P2P) financing platform Dianrong has raised $40 million from Dalian Finance Industry Investment Group (DFIIG).

China: GIC-backed P2P lender Dianrong closes $40m funding round

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China: GIC-backed P2P lender Dianrong closes $40m funding round

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