Fenbeitong Valuation, Funding & Investors

Fenbeitong is valued at $1B as of February 2022.

Last Fenbeitong valuation

$1B

Series C · Feb 2022

Last Fenbeitong funding round

$140M

Series C · Feb 2022

Cumulative funding Fenbeitong raised

$292M

across 6 funding rounds

Key investors in Fenbeitong

  • IDG Capital
  • Ribbit Capital
  • Glade Brook Capital Partners
  • Eight Roads Ventures
  • Hillhouse Investment
  • China Growth Capital

Fenbeitong Overview

About Fenbeitong

Fenbeitong is a Beijing-based enterprise spend management platform automating controls for travel, vehicle use, procurement, and reimbursements. The system enforces real-time approval rules, invoice matching, and credit-based monthly settlements to cut costs by up to 20 percent for corporate clients. Integrated with WeChat for employee expense submissions, it serves over 1,000 companies in finance, manufacturing, and tech sectors across China. Fenbeitong provides analytics dashboards tracking spend categories and compliance rates.


Founded

2015

HQ

ChinaBeijing

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Valuation

$1B (Feb 2022)

Fenbeitong Valuation

Fenbeitong is currently valued at $1B, based on its Series C in February 2022.

The $140M round was led by DST Global, with participation from Glade Brook Capital Partners, Emergence Capital, Hillhouse Investment, Ribbit Capital, BitRock Capital and 4 other investors.

Fenbeitong valuation by funding round

Fenbeitong valuation by funding round
DateStageValuation
Feb 2022Series C$1B

Fenbeitong Funding History

Fenbeitong has raised a total of $292M across 6 funding rounds.

Fenbeitong's first fundraising round was a $5M Series A in March 2016. The most recent completed round was a $140M Series C in February 2022.

Fenbeitong funding rounds

Fenbeitong funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Feb 2022Series CDST Global (lead); Glade Brook Capital Partners; Emergence Capital; Hillhouse Investment; Ribbit Capital; BitRock Capital; Stau; D1 Capital Partners; Whale Rock Capital Management; P7 Ventures$140M$1BFenbeitong, a Beijing-based corporate expense management platform founded in 2016, raised $140 million in its Series C+ funding round on February 17, 2022, led by DST Global, with participation from D1 Capital Partners, Whale Rock Capital Management, P7 Ventures, Emergence Capital, and existing investors including Hillhouse Investment, Ribbit Capital, Glade Brook Capital Partners, BitRock Capital, and others like Eight Roads and Stau. The platform provides SaaS+Payment solutions for business expenditure control, including procurement, employee reimbursements, spend management, business payments, budgeting, and seamless travel management through partnerships with airlines, hotels, rideshare, and dining platforms, as well as banks for digital accounts. It serves over 1,000 corporations, focusing on small and medium-sized enterprises, with clients like Genki Forest, Zhenkunhang, and Dashenlin Pharmaceutical Group, differentiating from competitors like Alibaba and Tencent products aimed at larger firms. The funding, primarily from US dollar funds, brings Fenbeitong's total capital raised to approximately $300-316 million, following a prior $92.5 million round in March 2021 and earlier Series B+ co-led by Eight Roads in 2020. Proceeds are allocated to product development, talent recruitment, team expansion aiming for over 1,000 employees, sales and marketing into 12 new Chinese cities, enhancing online payment systems, expense management, and customer experience features like Voice of Customer engagement. Founder and CEO Henry Lan emphasized building a one-stop corporate spend platform to transform cost management in China. Sources describe Fenbeitong achieving unicorn status in China's SaaS industry with this round, positioning it as an industry leader in corporate spend management amid growing fintech internationalization and competition.
Mar 2021Series CHillhouse Investment (lead); Tencent (lead); Glade Brook Capital Partners; IDG Capital; Ribbit Capital; Eight Roads Ventures$93M-Fenbeitong is a Chinese startup providing a corporate spending management platform using a SaaS+Payment model, distinguishing it from competitors focused solely on SaaS services. It aims to lead in enterprise expense management in China. In mid-February 2022, it raised $140 million in a C+ series round, achieving unicorn status. Investors in related contexts include Eight Roads Ventures, which lists Fenbeitong among its portfolio companies in healthcare and technology sectors. Ribbit Capital has board representation at Fenbeitong Limited.
Mar 2020Series BEight Roads Ventures (lead); Glade Brook Capital Partners; IDG Capital; Ribbit Capital; BitRock Capital; China Growth Capital; CE Innovation Capital$36M-Fenbeitong is a Beijing-based corporate expense management platform founded in 2016, helping companies manage expenditures for business trips, procurements, insurance, car purchases, and other work-related costs through an online platform, mobile app, and products like virtual cards and online payments. It integrates cost control with payments, covering T&E, benefits, procurement, petty cash, bill payments, rent, and marketing expenses, targeting new-economy enterprises and medium-to-large firms undergoing digital upgrades. The company completed a $36 million Series B+ round in March 2020, co-led by Eight Roads Ventures, Ribbit Capital, and Glade Brook Capital, with participation from other investors including IDG Capital. Despite Covid-19 impacts, Fenbeitong achieved 300% year-on-year revenue growth in 2020, matching prior years' rates. GMV reached RMB 2.5 billion in 2020. Revenue derives from SaaS services and transaction commissions. Post-2020, Fenbeitong raised Series C rounds: $92.5 million led by Hillhouse Capital (Gaoling Ventures) and Tencent, with Eight Roads, IDG, Ribbit, and Glade Brook participating, bringing total funding over RMB 1 billion (~$154 million). A Series C+ of $140 million followed in February 2022, led by DST Global, with BitRock Capital, D1 Capital, WhaleRock, P7 Ventures, Emergence Capital, and existing investors. A $555M valuation is noted for March 2021. Funds supported product R&D, team expansion, and recruitment.
Jul 2019Series BBojiang Capital (lead)$12M--
Sep 2017Series AIDG Capital (lead); China Growth Capital; CE Innovation Capital$6M--
Mar 2016Series AIDG Capital (lead)$5M--

Who has invested in Fenbeitong?

16 investors have backed Fenbeitong across its funding rounds, including IDG Capital, Ribbit Capital, Glade Brook Capital Partners, Eight Roads Ventures, Hillhouse Investment and China Growth Capital.

Lead investors include DST Global, Hillhouse Investment, Tencent, Eight Roads Ventures, Bojiang Capital and 1 other investor.


Fenbeitong Investors

Investors in Fenbeitong by funding rounds participated
InvestorHQRoundsRoleFirst check
IDG CapitalChinaBeijing4LeadMar 2016
Glade Brook Capital PartnersUnited StatesGreenwich, CT3ParticipantMar 2020
Ribbit CapitalUnited StatesSan Francisco, CA3ParticipantMar 2020
Hillhouse InvestmentSingaporeSingapore2LeadMar 2021
BitRock CapitalUnited KingdomLondon2ParticipantMar 2020
China Growth CapitalChinaBeijing2ParticipantSep 2017
Eight Roads VenturesUnited KingdomLondon2LeadMar 2020
CE Innovation CapitalSingaporeSingapore2ParticipantSep 2017
Emergence CapitalUnited StatesSan Francisco, CA1ParticipantFeb 2022
TencentChinaShenzhen1LeadMar 2021
Bojiang CapitalChinaHangzhou1LeadJul 2019
Stau--1ParticipantFeb 2022
D1 Capital PartnersUnited StatesNew York City, NY1ParticipantFeb 2022

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Fenbeitong Competitors

Fenbeitong competitors include listed companies like Eurowag and PicPay, and private ones like MODIFI, JD Digits, Interswitch and MNT-Halan.

Public and private companies comparable to Fenbeitong
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
EurowagUnited KingdomUnited KingdomPublicly listed$2.7B$119M$916M3.0x
MODIFINetherlandsAmsterdamPrivate--$120M-
JD DigitsChinaBeijingPrivate--$18B-
InterswitchNigeriaLagosPrivate$300M-$1B3.3x
MNT-HalanEgyptCairoPrivate$300M-$1B3.3x
PicPayBrazilBrazilPublicly listed$1.2B$205M$1.2B0.5x

Fenbeitong Public Comps

Fenbeitong is still privately-owned, but its public comps include Eurowag, SY Holdings Group, PicPay, Cass Information Systems, PaySign, Seshaasai, Priority Technology Holdings, Monni, HUMBL and Flywire.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Eurowag$2.7B$119M0.5x3.0x10.3x7.5x
SY Holdings Group$135M$120M5.8x-6.5x-
PicPay$1.2B$205M1.0x0.5x6.0x3.8x
Cass Information Systems$182M-4.6x4.1x--
PaySign$82M$16M8.3x6.4x43.3x20.7x
Seshaasai$150M$41M3.9x3.7x14.4x14.2x
Priority Technology Holdings$953M$200M1.5x1.4x7.1x6.2x
Monni$22M($2M)0.7x-(9.9x)-

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Common questions about Fenbeitong

When was Fenbeitong founded?Fenbeitong was founded in 2015.
Where is Fenbeitong headquartered?Fenbeitong is headquartered in Beijing, China.
Is Fenbeitong publicly listed?No, Fenbeitong is a private, VC-backed company.
What is Fenbeitong's valuation?Fenbeitong was last valued at $1B in its Series C in February 2022.
How much funding has Fenbeitong raised?Fenbeitong has raised $292M across 6 funding rounds.
What was Fenbeitong's last funding round?Fenbeitong's last funding round was a $140M Series C in February 2022, led by DST Global.
Who are Fenbeitong's investors?Fenbeitong's investors include IDG Capital, Glade Brook Capital Partners, Ribbit Capital, Hillhouse Investment, BitRock Capital, China Growth Capital, Eight Roads Ventures, CE Innovation Capital, Emergence Capital, Tencent and 6 others.
Which companies are comparable to Fenbeitong?Companies comparable to Fenbeitong include Eurowag, MODIFI, JD Digits, Interswitch, MNT-Halan and PicPay.

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