Fēnbèitōng, a platform for organizing business expenditures and other financial management needs, recently secured $140 million in a C+ funding round.
Backed by DST Global, a Russian investment firm, Fenbeitong has now reached unicorn status in China’s Software as a Service (SaaS) industry.
Founded in 2016, the Beijing-based startup, will use the funds to finance its corporate wallet application. Specifically, the firm seeks to improve talent recruitment and product development for its fintech platform.
The recent financing round brings Fēnbèitōng’s total raised funds to $316 million.
Other investors include U.S. firms D1 Capital Partners and Whale Rock Capital, as well as Saudi Arabian Oil Company’s P7 Ventures.
Fenbeitong has already invested in solutions for budgeting and expense control and established a one-for-all digital account by cooperating with numerous Chinese banks
Fēnbèitōng is beefing up its online payment system and expense manager.
These services will improve the capacity of Chinese corporations to manage cash flows and other work-related expenses.
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