Shanghai-based Dianrong secures new round of investment

Shanghai-based online finance platform Dianrong announced on Thursday that it had secured a new round of funding despite of strict industry regulation. 

Dianrong’s investment is led by Standard Chartered Private Equity (SCPE). Other investors include Affirma Capital and some existing shareholders such as Dalian Financial Industry Investment Group.

The round of investment has demonstrated the confidence in the industry development prospect and recognition of Dianrong’s market position by investors and shareholders, said Dianrong. 

“The internet finance industry is undergoing a reshuffle,” said Kevin Guo, founder and co-chairman of Dianrong. “Over the next three years, we will harness our technological strength to provide more high-quality, high-performing services.”

The online finance industry faces strict regulation with some fraud cases, which has brought billions of yuan loss to millions of investors. 

Dianrong became one of stars of the industry after obtaining a US$207 million investment in 2015. In early 2018, Dianrong announced that it had obtained funding of US$290 million.