TravelNews

[Travel News]: Corporate expense management platform Fenbeitong secures $92.5 million from Tencent, Hillhouse

TheTourAttraction.com aims to provide the latest global travel and free travel news, travel and visa policies, and flight information. We hope to provide insights into tourism market, technology and development trends with everyone by providing the latest relevant information. Despite the raging COVID-19 epidemic in 2020, we always firmly believe that mankind will overcome the disease and the tourism market will definitely recover. TheTourAttraction.com look forward to your attention and support, and witness the development of the global tourism industry with us. Looking forward to the information TheTourAttraction.com provide can help you. We will continue to follow up and obtain the latest data, and look forward to your attention and support.

The following is the [Travel News]: Corporate expense management platform Fenbeitong secures $92.5 million from Tencent, Hillhouse from [ChinaTravelNews] recommended by TheTourAttraction.com:

The company’ revenue grew 300% annually over 2018-2020.

Corporate expense management platform Fenbeitong has secured USD 92.5 million in its Series C financing round, led by Hillhouse Capital’s early-stage investment arm Gaoling Venture Capital and Tencent, according to business media platform 36Kr. 

Existing investor IDG Capital, Ribbit Capital, Eight Roads and Glade Brook Capital also participated in the round. The proceeds will be used for product upgrading and recruitment. So far, Fenbeitong has secured over RMB 1 billion (USD 153.8 million) in funding. 

In 2015, Mr. Lanxi, founder of Fenbeitong, noted that employees were generally frustrated by  traditional reimbursement experiences, including lack of transparency, low efficiency, fragmented/outdated data, cumbersome reservation processes and the financial pressure of using personal funds on business trips. He saw great business opportunities in solving these problems. 

To address the difficulties faced by corporate expense control, Fenbeitong introduced a reimbursement service for business travel meals, and then gradually expanded it to cover all payments. Having created a model that integrates cost control and payments, Fenbeitong is seeking to take the lead in building a next-generation corporate expense management platform.

Fenbeitong has been growing rapidly since it completed its Series B financing round in 2018. 

Despite the impacts of Covid-19, Fenbeitong grew its revenue by 300% year-on-year in 2020, at a similar rate as the previous two years. GMV (gross merchant value) reached RMB 2.5 billion last year. 

Fenbeitong has completed its product portfolio by adding Virtual Card and Online Payment to its system, which helps expand its services from T&E, Benefits and Procurement to payment solutions including Petty Cash and Bill Payment. Fenbeitong now manages and enables payment of rent, procurement, marketing and other corporate expenditures.

In early 2021, Fenbeitong launched an online reimbursement function that covers every aspect of corporate expenditures by combining enterprise and employee payments.

The potential clients that Fenbeitong targets are new-economy enterprises in rapid growth as well as medium and large-sized enterprises that have urgent needs for digital upgrading. The company’s business model supports its sustainable development. Revenue source diversification is also driving Fenbeitong’s rapid growth. Fenbeitong not only monetizes on its SaaS service but also gets a significant part of its incomes from commissions for the transactions on its platform.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button