Fenbeitong announced the completion of a US$36 million Series B+ round of financing, led by Eight Roads, Ribbit Capital and Glade Brook Capital. BitRock Capital and existing shareholders IDG Capital, CreditEase Industry Fund, and China Growth Capital participated.
Fenbeitong is a business expenses management start-up, allowing users to manage, pay and receive reimbursement for corporate expenditures. The company aims to lower the cost and improve the efficiency of managing corporate expenditures by generating trip-invoices through their app.
Fenbeitong has improved greatly in terms of products and business over the past year. The firm has now served more than 1,000 medium and large-sized enterprises, of which more than 70% are high-growth companies in the new economy, including some well-known listed companies and unicorn enterprises.
Upon the completion of the Series B+, Fenbeitong will continue to optimize the product and invest more in research and development. The member of its product development team will double in the short term.
In addition, the firm is also actively exploring channel partners and eco-industry partners. It is expected that the business of Fenbeitong will expand to most first- and second-tier cities in China in 2020.