China corporate spend start-up Fenbeitong has raised $140 million in a Series C+ Funding round, becoming the latest unicorn in the China SaaS industry. The funding 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.
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“To achieve that, we partnered with airlines, hotels, rideshare platforms, and dining platforms to create a seamless travel management experience, invested heavily in building the budgeting and expense control solutions that work for companies in China, and cooperated with multiple banks to set up one-for-all digital accounts. ”
The high-profile new investors in this round are also global investors in corporate spend fintech. DST Global, the leading investor, invested in US corporate spend start-up Brex since its Series B, witnessing its rapid growth trajectory. The fellow investors backed other corporate spend fintechs including Ramp, Divvy, Bill.com, and Jeeves.
Founded in 2016, Fenbeitong is aiming to become the leader in corporate spend management in China. Unlike its rivals, who focused on providing SaaS services, Fenbeitong believed in the “SaaS+Payment” model. After five years dedicated to building supply chain networks, Fenbeitong is now harvestings strong growth momentum, seeing 3-fold growth each year since 2019.
“It’s all rooted in the vision of building a one-stop corporate spend platform,” said the founder and CEO of Fenbeitong, Henry Lan. “To achieve that, we partnered with airlines, hotels, rideshare platforms, and dining platforms to create a seamless travel management experience, invested heavily in building the budgeting and expense control solutions that work for companies in China, and cooperated with multiple banks to set up one-for-all digital accounts.
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“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,” Henry said. “Doubling down on product is our top priority. Combined with our newly launched VoC (Voice of Customer) and CE (Customer engagement) mechanisms, we’re determined to transform the customer experience in the coming year.”
Henry added that Fenbeitong is “expanding to all major cities in China” through its direct sales force or 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.”