CreditEase Fintech Funding Fund (CEFIF) introduced on Friday it’s taking part in a $36 Million Sequence B+ financing spherical in Fenbeitong, a company expense administration startup primarily based in China, alongside Eight Roads, Glade Brook Capital, Ribbit Capital, IDG Capital, and China Development Capital.
Based in 2016, Fenbeitong notably helps firms to “higher handle and management” their bills by its technological platform. The corporate claims to be an trade chief and has served greater than 1,000 companies. Lan Xi, Founding father of Fenbeitong, additional defined:
“Within the U.S., we’ve got seen unicorns like Brex, Divvy, and TripActions shortly rising up within the company expense administration sector, taking market share from conventional trade giants corresponding to American Specific and SAP Concur. By means of expertise innovation, they mix multi-functions into one platform the place prospects can handle their company bank card fee, enterprise journey expenditure and different bills. The revolutionary service mannequin has earned the approval of a rising variety of firms.”
Based on CEFIF, Fenbeitong is planning to make use of the funds to double the scale of its product analysis in addition to improvement, and additional enhance its buyer expertise. Talking in regards to the funding, Dennis Cong, Managing Accomplice at CEFIF, added:
“As an current investor and enterprise companion, we’re more than happy to be a part of Fenbeitong’s progress journey since its A+ spherical. We’re bullish on the Fintech-enabled B2B company companies market and Fenbeitong marks one of our key funding on this sector. We look ahead to working with extra firms which have the potential to disrupt and innovate this trade.”
