Asian alternative investment management firm PAG and China-focused private equity firm Primavera Capital Group have led a RMB800 million (US$117 million) series C round in Dashu Finance, a Shenzhen-based online lender of unsecured loans to small and micro enterprises that traditionally could not secure funding from banks.
Existing investor Sequoia Capital China and new investor China Everbright Ltd. also participated in the round, according to a company announcement.
"Financial technology has always been one of Primavera's focuses, and we are optimistic about Dashu Finance's future and its new-generation micro loan technology," said Fred Hu, chairman and founder of Primavera, which previously invested in Ant Financial, the financial services affiliate of Alibaba Group Holding Ltd. which is now the largest third-party payment firm in China....
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