Ant Financial and IFC were among the participants in a series C round for the rural microfinance and financial trading provider that was led by Rise Fund.
China-based rural microfinance provider CFPA Microfinance has raised $140m in series C financing from investors including Ant Financial, e-commerce firm Alibaba’s financial services affiliate, Axios reported this week.
Rise Fund led the round, which also featured consulting firm Renda Puhui and International Finance Corporation, the private investment arm of the World Bank, as well as China Foundation for Poverty Alleviation, Sequoia Capital China and High Impact Capital Advisors.
CFPA offers microfinance to rural communities in low and middle income groups, supplying unsecured small-scale loans to farmers and small business owners. It also hosts training sessions covering agriculture, computer usage and finance and loan management, and prioritises female recipients.
The institution has not disclosed details of its earlier financing or how it intends to use the series C proceeds, but the round consisted of both primary and secondary investments according to Axios.