Renren Ucredit, the parent company of P2P service Renrendai, booked $130 million of Series A funding led by Trustbridge Partners ($65 million) and an undisclosed institution ($65 million). The angel round is raised from Honghe Venture Capital in 2010.
Renrendai adopts an operating model similar to Lending Club’s when it was launched in 2010, mainly focused on online micro-credit business. The company integrated with offline lending service Ucredit in 2012.
According to data released by the company, Renrendai’s turnover surged 276% year-over-year in the first half of 2013, hitting 1 billion yuan ($165.2 million) as of August of 2013.