Fenbeitong hits unicorn status, raises $140m Series C+ led by DST Global

China corporate spend start-up Fenbeitong has raised $140m in a Series C+ Funding round, becoming the latest unicorn in the China SaaS industry. The round was led by DST Global.

Existing investors Hillhouse, Ribbit, Stau, Glade Brook, and Bit Rock were joined by new investors including D1 Capital Partners, WhaleRock, Saudi Aramco‘s P7 Ventures, and Emergence, bringing the total investment raised to date to $300 million.

Yuanyi Capital was the exclusive financing adviser of this round. The high-profile new investors in this funding round are also global investors in corporate spend fintech.

DST Global, the leading investor, invested in the US corporate spend start-up Brex since its Series B funding round, witnessing its rapid growth trajectory. The fellow investors backed other corporate spend fintechs including Ramp, Divvy, Bill.com, and Jeeves.

Founded in 2016, Fenbeitong aims to lead in corporate spend management in China.

Fenbeitong’s product strategy

Unlike its rivals, who focused on providing SaaS services, Fenbeitong opted for “SaaS+Payment” model. After 5 years dedicated to building supply chain networks, Fenbeitong is reaping strong growth momentum, seeing 3-fold growth each year since 2019.

Henry Lan, the founder and CEO of Fenbeitong, made these remarks upon completing series round, “It’s all rooted in the vision of building a one-stop corporate spend platform.”

“We partnered with airlines, hotels, ride share and dining platforms to create a seamless travel management experience, invested in building the expense control solutions that work for firms in China, and cooperated with multiple banks to set up one-for-all digital accounts.”

“This new round of funding will enable our company to ascend even further – strengthening our product capabilities, forging new markets, and expanding the visionary team.”

“Doubling down on product is our top priority.”

“Combined with our newly launched Voice of Customer (VoC) and Customer engagement mechanisms, we’re determined to transform the customer experience in the coming year.”

Fenbeitong market reach in China

Fenbeitong is expanding to all major cities in China through its SaaS channel partners.

“We’re bringing the next generation of corporate spend solutions to all companies in China, no more tedious reimbursement, fully transparent and end-to-end spend management, along with a seamless travel management experience. And we’re just getting started.” Henry said.