China’s CFPA Microfinance raises $140m in Series C led by The Rise Fund
By Mars Woo
CFPA Microfinance Management, one of China’s largest microfinance players, announced that it has secured nearly Rmb1 billion ($140 million) in commitment for its Series C equity financing led by The Rise Fund, a global impact investing fund managed by TPG Growth.
The latest funding round adds The Rise Fund to CFPA’s list of big-ticket investors, which now include Ant Financial, China Foundation for Poverty Alleviation, IFC, Sequoia Capital China, High Impact Capital Advisors, and Renda Puhui.
Founded by the China Foundation for Poverty Alleviation in 1996, CFPA offers microfinance services to poverty-stricken populations in rural areas for productions and consumption.
Photo courtesy of Chhor Sokunthea.