China corporate spend start-up Fenbeitong has raised $140 million in a Series C+ Funding round, becoming the latest unicorn in the China SaaS industry. The funding round was led by DST Global. Existing investors Hillhouse, Ribbit, Stau, Glade Brook, and Bit Rock were joined by new investors including D1 Capital Partners, WhaleRock, Saudi Aramco's P7 Ventures, and Emergence, bringing the total investment raised to date to $300 million. Yuanyi Capital was the exclusive financing adviser of this round.
The high-profile new investors in this round are also global investors in corporate spend fintech. DST Global, the leading investor, invested in US corporate spend start-up Brex since its Series B, witnessing its rapid growth trajectory. The fellow investors backed other corporate spend fintechs including Ramp, Divvy, Bill.com, and Jeeves.
Founded in 2016, Fenbeitong is aiming to become the leader in corporate spend management in China. Unlike its rivals, who focused on providing SaaS services, Fenbeitong believed in the “SaaS+Payment” model. After five years dedicated to building supply chain networks, Fenbeitong is now harvestings strong growth momentum, seeing 3-fold growth each year since 2019.
“It’s all rooted in the vision of building a one-stop corporate spend platform,” said the founder and CEO of Fenbeitong, Henry Lan. “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 said.
Henry added that Fenbeitong is “expanding to all major cities in China” through its direct sales force or SaaS channel partners.
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