Fintech Fintech Funding News

CreditEase Fintech Investment Fund Joins $36 Million Series B+ Funding Round in China’s Startup Fenbeitong

CreditEase Fintech Investment Fund Joins $36 Million Series B+ Funding Round in China's Startup Fenbeitong

CreditEase Fintech Investment Fund announced that it joined a $36 Million Series B+ financing round in Fenbeitong, a renowned corporate expense management start-up in Chinaalongside Eight Roads, Glade Brook Capital, Ribbit Capital, IDG Capital and China Growth Capital.

Fenbeitong helps companies to better manage and control their expenditures through technological innovations. Founded in 2016, the fast-growing company has already established itself as an industry leader and has served over 1,000 corporations.

Read More: Former U.S. Secretary of Commerce, Penny Pritzker, Doubles Down on Payments Infrastructure Pioneer Finix

The company will use the funds to double the size of Fenbeitong’s product research and development team and further improve its customer experience. The company will also seek more channel partners and cooperate with cross-industry players, expending their business into more first and second-tier cities in China.

“In the US, we have seen unicorns like Brex, Divvy, and TripActions quickly rising up in the corporate expense management sector, taking market share from traditional industry giants such as American Express and SAP Concur. Through technology innovation, they combine multi-functions into one platform where customers can manage their corporate credit card payment, business travel expenditure and other expenses. The innovative service model has earned the approval of a growing number of companies,” said Mr. Lan Xi, founder of Fenbeitong. “The same trends are happening here in China. We have achieved triple-digits growth in revenue over the past two years and expect to maintain this strong momentum in 2020.”

Read More: H2O.ai Empowers MarketAxess to Innovate and Inform Trading Strategies

“As an existing investor and business partner, we are very pleased to be part of Fenbeitong’s growth journey since its A+ round,” said Dennis Cong, Managing Partner at CEFIF, “We are bullish on the Fintech-enabled B2B corporate services market and Fenbeitong marks one of our key investment in this sector. We look forward to working with more companies that have the potential to disrupt and innovate this industry.”

Read More: Finhabits Launches Microlearning Journeys to Help Diverse Communities Build Healthy Financial Habits

Related posts

KBRA Analytics Releases The Bank Treasury Newsletter, the Bank Treasury Chart Deck, and Bank Talk

Fintech News Desk

DIA Deploys Open-Source Oracle on Celo to Fuel Development of New Use Cases on the Mobile-First Network

Fintech News Desk

Gamma.io Unveils Trustless Bitcoin Ordinals Marketplace

PR Newswire
1