The round is led by Tencent and GL Ventures, the venture capital unit of Hillhouse Capital. Existing investors including Eight Roads, IDG Capital, Ribbit Capital and Glade Brook Capital also participated.

The new round brought its total funding scale to over 1 billion yuan ($153.9 million). Upon the completion of the Series C round, Fenbeitong plans to further increase investments in talent recruitment and to double its R&D team within three months.

Established in 2016, Beijing-based Fenbeitong helps corporate clients reimburse their employees for expenses incurred in business trips, corporate procurements, insurance & car purchases, and other work-related expenditures through an online expense management platform, a mobile app, and other products.

In March 2020, Fenbeitong announced the completion of $36 million in a Series B+ round led by Eight Roads, Ribbit Capital, and Glade Brook Capital.