BEIJING–(BUSINESS WIRE)–China company spend start-up Fenbeitong has raised $140 million in a Series C+ Funding spherical, changing into the most recent unicorn within the China SaaS trade. The funding spherical was led by DST Global. Existing buyers Hillhouse, Ribbit, Stau, Glade Brook, and Bit Rock have been joined by new buyers together with D1 Capital Partners, WhaleRock, Saudi Aramco’s P7 Ventures, and Emergence, bringing the overall funding raised to this point to $300 million. Yuanyi Capital was the unique financing adviser of this spherical.
The high-profile new buyers on this spherical are additionally international buyers in company spend fintech. DST Global, the main investor, invested in US company spend start-up Brex since its Series B, witnessing its fast development trajectory. The fellow buyers backed different company spend fintechs together with Ramp, Divvy, Bill.com, and Jeeves.
Founded in 2016, Fenbeitong is aiming to turn out to be the chief in company spend administration in China. Unlike its rivals, who targeted on offering SaaS companies, Fenbeitong believed within the “SaaS+Payment” mannequin. After 5 years devoted to constructing provide chain networks, Fenbeitong is now harvestings sturdy development momentum, seeing 3-fold development annually since 2019.
“It’s all rooted in the vision of building a one-stop corporate spend platform,” mentioned the founder and CEO of Fenbeitong, Henry Lan. “To obtain that, we partnered with airways, accommodations, rideshare platforms, and eating platforms to create a seamless journey administration expertise, invested closely in constructing the budgeting and expense management options that work for corporations in China, and cooperated with a number of banks to arrange one-for-all digital accounts.
“This new round of funding will enable our company to ascend even further – strengthening our product capabilities, forging new markets, and expanding the visionary team,” Henry mentioned. “Doubling down on product is our top priority. Combined with our newly launched VoC (Voice of Customer) and CE (Customer engagement) mechanisms, we’re determined to transform the customer experience in the coming year.”
Henry added that Fenbeitong is “expanding to all major cities in China” via its direct gross sales power or SaaS channel companions. “We’re bringing the next generation of corporate spend solutions to all companies in China—no more tedious reimbursement, fully transparent and end-to-end spend management—along with a seamless travel management experience. And we’re just getting started.”