Chinese fintech start-up, Dashu Finance, completed a series C financing raising 800 million yuan (US$118 million) on July 7.

According to Bo Liu, the founder and chairman of Dashu Finance, the proceeds will be used for technological investments and the expansion of its product line.

Lead investors were PAG and Primavera Capital, with participation from Sequoia Capital China and China Everbright Limited. China Renaissance acted as the exclusive financial advisor.

The Shenzhen-based startup, targetting the unsecured loan market where many banks and financial service providers are unable to compete, provides small and micro-loan services to institutions.

Since its inception, Dashu Finance has provided services to assist commercial banks by issuing over 10 billion yuan of small and micro-loans.

The investment is Primavera Capital’s second fintech investment, following its first investment in Ant Financial, backed by leading Chinese e-commerce company Alibaba.

“Primavera Capital has always focused on Fintech. We feel very positive about the team at Dashu Finance and third-generation small and micro-loan technology,” says Zuliu Hu, the founder of Primavera Capital.

“We are confident in the model of ‘digital risk management + credit factory’ adopted by Dashu Finance to serve commercial banks and to develop the small and micro loan business,” says Suining Xiao, president of PAG China.