CreditEase’s fintech investment fund has announced that it is investing in Beijing-based corporate expense management start-up Fenbeitong.
CreditEase Fintech Investment Fund (CEFIF) announced on March 13 2020 that it was participating in a USD$36 million series B+ financing round in Fenbeitong (分贝通).
Other investors participating in the financing round include Eight Roads, Glade Brook Capital, Ribbit Capital, IDG Capital and China Growth Capital.
Fenbeitong plans to use the funds to double its product research and development team, as well as improve customer experience and expand further into first and second-tier Chinese cities via cross-industry cooperation.
Fenbeitong was first established in 2016, and has since provided its services to more than 1,000 corporate clients.
“In the U.S., 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” said Feibentong founder Lan Xi.
“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.”
“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.”
Beijing-based CreditEase was first established in 2006, and its subsidiaries and affiliates include Yiren Digital, CreditEase Wealth Management and CreditEase Insurance.
CreditEase launched CEFIF in February 2016, as a venture fund that focuses on investment in the global fintech sector.
CEFIF has committed USD$1 billion in investment to fintech companies, and was recently listed one of the world’s “Top 9 Fintech Unicorn Investors” by CB Insights.