GIC Private Ltd., Singapore's sovereign wealth fund, has led a US$220 million series D round in Dianrong, a Shanghai-based peer-to-peer lending platform.
CMIG Leasing Group, a leasing business unit under China Minsheng Investment Group Co., Ltd, South Korea's Simone Investment Managers and other institutional and individual investors also participated in the round, according to a company announcement.
Last year, the Chinese government tightened regulations of the P2P lending sector, which has been dogged by scandals and fraud due to loose oversight. Despite the problems, the industry has experienced rapid growth. In 2016, the transaction value of all the P2P platforms reached RMB2.8 trillion (US$410 billion), up 137.6% year-on-year.
Founded in 2012, Dianrong offers loan originations, investment products and marketplace lending solutio...
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