Business / Companies

Renrendai received $130m capital injection in 2013

By Hu Yuanyuan ( Updated: 2014-01-09 16:48

Peer-to-peer lending service provider Renrendai received $130 million of capital injection from a group of investors in 2013, making it the largest raiser of capital in the internet sector, the company said in an e-mailed statement on Thursday.

The capital injection was led by Trustbridge Partners ($65 million), with the other institutions undisclosed. The company received an angel round of capital injection from Honghe Venture Capital in 2010.

When Renrendai launched in 2010, it adopted an operating model similar to that of Lending Club, mainly focused on the online micro-credit business. The company shifted to an O2O (Online To Offline) model after integrating with offline lending service Ucredit in 2012.

According to data released by the company, Renrendai's turnover surged 276 percent year-on-year in the first half of 2013, reaching 1 billion yuan ($165.2 million) as of August 2013.

The P2P lending industry experienced a chaotic year in 2013. While several companies including Dianrong, Renrendai and Youli received huge capital injections, more than 70 P2P sites were closed in the past year, according to data from the website of Wangdai Zhijia.

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