Fenbeitong

History

2022: Raising $140 million

In mid-February 2022, Chinese startup Fenbeitong raised $140 million as part of the C + series financing round, becoming another unicorn in the SaaS market. The company seeks to become a leader in corporate spending management in China and, unlike its competitors who focused on providing SaaS services, works according to the SaaS+Payment model.

The funding round was headed by the Yuri MilneradST Global Fund. Existing investors Hillhouse, Ribbit, Stau, Glade Brook and Bit Rock were joined by D1 Capital Partners, WhaleRock, Saudi Aramco's P7 Ventures and Emergence. As a result, the total amount of attracted investments reached $300 million.

Yuri Milner Foundation invested in Fenbeitong, China's corporate spending management platform

We offer the next generation of enterprise spending solutions to all companies in China - no more tedious refunds, fully transparent and end-to-end cost management, and seamless travel management experience. Doubling the product is our top priority. Combined with our recently launched Voice of Customer and Customer engagement, we are determined to transform the customer experience in 2023. And we are just starting!, "said Henry Lan, founder and CEO of Fenbeitong.

According to Henry Lan, all this is based on the vision of creating a universal corporate spending platform. To achieve this goal, Fenbeitong collaborates with airlines, hotels, travel platforms and lunch platforms. The company invested heavily to create budgeting and cost control solutions that work for businesses in China. Lan added that the C + series financing round will allow Fenbeitong to rise even higher - strengthen product opportunities, master other markets and expand the team of specialists. ^[1]

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