On Mar. 13, 2020, CreditEase Fintech Investment Fund (“CEFIF”) announced that it joined a $36 Million Series B+ financing round in Fenbeitong, a renowned corporate expense management start-up in China, alongside Eight Roads, Glade Brook Capital, Ribbit Capital, IDG Capital and China Growth Capital.
Fenbeitong helps companies to better manage and control their expenditures through technological innovations. Founded in 2016, the fast-growing company has already established itself as an industry leader and has served over 1,000 corporations.
The company will use the funds to double the size of Fenbeitong’s product research and development team and further improve its customer experience. The company will also seek more channel partners and cooperate with cross-industry players, expending their business into more first and second-tier cities in China.
“In the U.S., we have seen unicorns like Brex, Divvy, and TripActions quickly rising up in the corporate expense management sector, taking market share from traditional industry giants such as American Express and SAP Concur. Through technology innovation, they combine multi-functions into one platform where customers can manage their corporate credit card payment, business travel expenditure and other expenses. The innovative service model has earned the approval of a growing number of companies,” said Mr. Lan Xi, founder of Fenbeitong. “The same trends are happening here in China. We have achieved triple-digits growth in revenue over the past two years and expect to maintain this strong momentum in 2020.”
“As an existing investor and business partner, we are very pleased to be part of Fenbeitong’s growth journey since its A+ round,” said Dennis Cong, Managing Partner at CEFIF, “We are bullish on the Fintech-enabled B2B corporate services market and Fenbeitong marks one of our key investment in this sector. We look forward to working with more companies that have the potential to disrupt and innovate this industry.”