SHANGHAI (Reuters) - U.S. investment firm Tiger Global has bought into China's Dianrong.com, the peer-to-peer online lender said on Wednesday, the latest in Tiger's investments into Asia's booming e-commerce sector.
Dianrong.com, one of a string of online lenders that has popped up in China over the last few years to service cash-strapped small- and medium-sized firms, did not disclose the sum of the investment or the stake bought.
"Tiger's investment will improve the credibility of our platform," Guo Yuhang, one of the founders of Dianrong.com, told reporters at a press conference in Shanghai on Wednesday. He added the extra capital would allow the firm to expand, improve its online systems and attract further investment partners.
Tiger Global was not immediately available for comment.
Tiger Global has previously invested in Alibaba Group Holding Ltd, which held a $25 billion IPO in the United States last year, and Chinese e-commerce firm JD.com Inc. It has also invested in Flipkart, India's largest online retailer, among others.
The investment firm has partially turned its focus from larger firms in late-stage financing toward younger companies with successful track records, but which have not yet held richly priced initial public offerings (IPOs).