China based p2p lender Tuandaiwang has raised $262m in private equity funding led by China Minsheng Investment Group. Tuandaiwang operates a P2P lending platform, which enables users to lend their saving at a higher investment return rate than traditional saving rates.
China Minsheng Investment Group, one of the country’s largest private investment group, has led a RMB1.8 billion ($262 million) pre-IPO investment round in Chinese peer-to-peer lending company Tuandaiwang. Other investors in this round include Beijing Yisheng Innovation Technology and Beihai Hongtai Investment. This investment brings the company’s value up to RMB10 billion ($1.46 billion), said a report in China Money Network. Tuandaiwang operates a P2P lending platform, which enables users to lend their saving at a higher investment return rate than traditional saving rates. It claims that individuals and companies have borrowed around RMB78 billion ($11.4 billion) since its launch in 2012 and lenders can make RMB2.3 billion ($335 million) in returns. The company said that it would spend this proceeds on the platform’s development and investment in other tech assets.