Beijing based online payday loan platform Yongqianbao has raised $68m in Series C funding led by Golden Brick Capital and CICC Alpha. Founded in 2013, Yongqianbao provides small loans, from RMB500 to RMB5,000, to individual lenders for a period from seven to 30 days, allowing users to complete all the forms required online and receive the money within 30 minutes. The firm claimed that it currently has over thousands of registered users.
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Yongqianbao raises $68m Series C
CASH Capital, the VC arm the state-owned Chinese Academy of Sciences Holdings (CASH Holdings), Source Code Capital, Sinovation Ventures and GX Capital also participated in the round.
