Chinese startup Fenbeitong nets $92.5m in latest round of financing

Mar 18, 2021 Financial Service

 

Chinese corporate expense management firm Fenbeitong announces a completion of $92.5 million in its Series C round, which is jointly led by Tencent and Hillhouse Capital.

Other investors participating in the financing round include Eight Roads, Glade Brook Capital, Ribbit Capital and IDG Capital, meanwhile, Yuanyi Capital serves as the exclusive financial adviser for the deal.

Notably, the size of the new investment surpasses the sum of Fenbeitong’s previous four rounds. And the total amount of funding exceeds 1 billion yuan ($153.9 million).

Founded in 2016 by Mr. Lan Xi, Fenbeitong helps companies to manage and control their expenditures through technological innovations. The company has already established itself as an industry leader and has served over 1,000 corporations. Fenbeitong plans to use the funds to double its product research and development team, as well as improve customer experience and expand further into its long-term development.