CD Finance, a Beijing-based rural service institution that supports entrepreneurship and poverty alleviation in China’s rural population, has raised one billion yuan (US$154 million) in a new funding round. Investors were led by Ontario Teachers’ Pension Plan Board through its Teachers’ Innovation Platform (TIP).

The TIP focuses on late-stage venture and growth equity investments in companies that use technology to disrupt incumbents and create new sectors. Existing investor ABC World Asia, a Singapore-based private equity fund focusing on impact investing, also participated in the round.

Established in 2008, CD Finance uses leading technology to provide access to convenient, safe, and reliable microfinance and rural services for customers in rural areas, enabling them to start sustainable businesses, increase incomes, and create a better future.

In tandem with China’s economic development in rural areas, the company has helped to alleviate poverty and build a sustainable future for agricultural communities. It currently has more than 6,000 staff in 410 county branches across 20 Chinese provinces. It says more than 7 million rural people have benefited from its services.

Liu Dongwen, chairman and chief executive officer of CD Finance, says: “The proceeds from this financing round will be used to expand the breadth and depth of our services to rural residents. We intend to further improve our technology, including increasing cloud services, to support functions such as networked communications, e-commerce services, start-up capital support, technical training, and entrepreneurship coaching. CD Finance will continue to scale up and provide digitized services to our customers to support rural production activities and increase local consumer services – furthering our sustained contribution to rural revitalization.”