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Chinese Corporate Wallet App Fenbeitong Bags USD140 Million in Fundraiser Led by DST Global
Lv Qian
DATE:  Feb 17 2022
/ SOURCE:  Yicai
Chinese Corporate Wallet App Fenbeitong Bags USD140 Million in Fundraiser Led by DST Global Chinese Corporate Wallet App Fenbeitong Bags USD140 Million in Fundraiser Led by DST Global

(Yicai Global) Feb. 17 -- Fenbeitong has secured USD140 million in its latest funding round led by Russian investment firm DST Global, the Chinese business expenditure control platform said today.

Other participants included US investment firms D1 Capital Partners and WhaleRock as well as the Saudi Arabian Oil Company's P7 Ventures and Emergence, the Beijing-based firm said. Existing shareholder Asia-focused venture capital firm GL Ventures increased its stake.

The funds will be used in product development and talent recruitment, it said. The firm secured USD92.5 million in its last funding round in March last year. So far it has raised CNY2 billion (USD316 million) since it was established in 2016.

Most of the new investors in this round are US dollar funds and they are also investing in other competing products to give them better insights into the sector, founder Lan Xi said. DST Global, for instance, is also a backer of US fintech firm Brex which just completed a USD300 million Series-D2 financing in January.

Fenbeitong, which counts health drink brand Genki Forest, industrial goods e-commerce firm Zhenkunhang and pharmacy Dashenlin Pharmaceutical Group among its clients, is an office financial management platform that provides different scenarios such as procurement and employee reimbursement to help businesses better manage their finances.

Internet giants Alibaba Group Holding and Tencent Holdings have launched competing products, Lan said. But they tend to target large firms, while Fenbeitong focusses on small and medium-sized clients.

Editors: Dou Shicong, Kim Taylor

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Keywords:   Fenbeitong,DST Global