China based peer to peer (P2P) lending site Jimubox announced today during a press conference in Beijing they had secured a substantial $37,190,000 investment in a Series B round. The funding was said to be “competitive” and was led by Xiaomi and Shunwei Capital Invesment. The company launched in August of 2013 and has now raised a total of $47 million.
The release state the additional capital will be utilized to build the Jimubox team, continue product development and expand their brand and presence in China.
Jimobox CEO Dong Chung thanked all the investors and acknowledged their growing customer base and the trust the company had generated with their users.
Chung pointed out that Xiamoi was one of China’s most important companies and it was now a strategic shareholder in Jimubox – expecting the company to aid in building out their growing platform.
TechInAsia speculated the event heralded the forthcoming feature of loans via mobile phones now that Xiaomi was involved in the peer to peer lending space. If this did occur, Jimubox / Xiaomi would follow in the footsteps of Chinese internet giants Baidu and Alibaba who both offer online financial services competing with traditional Chinese banks.
