CreditEase Fintech Investment Fund (CEFIF) announced on Friday it is participating in a $36 Million Series B+ financing round in Fenbeitong, a corporate expense management startup based in China, alongside Eight Roads, Glade Brook Capital, Ribbit Capital, IDG Capital, and China Growth Capital.
Founded in 2016, Fenbeitong notably helps companies to “better manage and control” their expenses through its technological platform. The company claims to be an industry leader and has served more than 1,000 corporations. Lan Xi, Founder of Fenbeitong, further explained:
“In the U.S., we have seen unicorns like Brex, Divvy, and TripActions quickly rising up in the corporate expense management sector, taking market share from traditional industry giants such as American Express and SAP Concur. Through technology innovation, they combine multi-functions into one platform where customers can manage their corporate credit card payment, business travel expenditure and other expenses. The innovative service model has earned the approval of a growing number of companies.”
According to CEFIF, Fenbeitong is planning to use the funds to double the size of its product research as well as development, and further improve its customer experience. Speaking about the investment, Dennis Cong, Managing Partner at CEFIF, added:
“As an existing investor and business partner, we are very pleased to be part of Fenbeitong’s growth journey since its A+ round. We are bullish on the Fintech-enabled B2B corporate services market and Fenbeitong marks one of our key investment in this sector. We look forward to working with more companies that have the potential to disrupt and innovate this industry.”