Banking News Supply chain

Dianrong migrating trade finance blockchain to R3’s Corda

doing bills

Dianrong, the leading Chinese p2p lending platform, is migrating its supply chain finance platform to R3’s Corda. The existing platform uses Hyperledger, and Dianrong joined the Hyperledger alliance in late 2016.

The company provides both consumer lending and small business credit. It is one of the leading consumer p2p lending platforms in China. The founder and Executive Chairman, Soul Htite, was also the co-founder of the US Lending Club.

Dianrong’s supply chain blockchain solution enables small business suppliers to receive payment early. It does so by providing end-to-end financing through an entire supply chain.

Dianrong is working with R3 to integrate the company’s existing solution into Corda.

Htite commented: “Today, only 15 percent of micro and small businesses have adequate access to credit. This funding gap is particularly evident in large, complex supply chains where small business owners struggle to get the basic financing they need to operate.”

“As a company committed to serving small businesses in China and around the globe, Dianrong believes the power of fintech and blockchain processes are the key to bridging this funding gap, while also building greater transparency and trust across global supply chain finance processes.”

“Dianrong has made the strategic decision to further expand our supply chain finance network to make it easier for partners worldwide to adopt our solution. R3’s proven Corda platform will help provide the scalability, customization and global reach supply chain finance demands.”

Background on Dianrong

The Chinese marketplace business is well funded. In 2015 it raised $207m in Series C funding led by Standard Chartered Private Equity. In August last year, it raised $220 million in a Series D round led by GIC Private Limited, Singapore’s sovereign wealth fund. This January it extended the Series D by a further $70m.

Some of the money is to be used to expand globally but especially in South East Asia and Hong Kong.

Yesterday competitor Tradeshift announced a funding round of $250m which brings its total to $400m.