Furongbao fulfills series B pursuit with $120m

Jul 6, 2018 • Robert Lavine

The undisclosed controlling shareholder of appliance maker Wanjiale has supplied SoftBank-backed business lending platform Furongbao with funding.

Furongbao, a China-based online lending platform backed by telecommunications and internet group SoftBank, has raised RMB800m ($120m) in series B funding, China Money Network reported yesterday.

The investor’s precise identity has not been revealed but they are the controlling shareholder of appliance manufacturer Wanjiale Gas Appliances and have interests in electricity supply, distribution technology production and supply chain management.

Founded in 2013, Furongbao operates an online platform where small and medium-sized businesses can access loan financing. It will use the…

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