Chinese peer-to-peer lending platform Dianrong said on Wednesday it raised $220 million from a group of investors led by Singapore sovereign wealth fund GIC, looking to step up research of new technology as it expands across China and explores ventures in other countries in the region.

Other investors in the funding round included CMIG Leasing, a unit of China’s biggest private investment conglomerate China Minsheng Investment Group (CMIG), and South Korean fund manager Simone Investment Managers, Dianrong said.

The Shanghai-based firm planned to use the funds to automate some of its new branches across China, for research and development and potential acquisitions, Soul Htite, co-founder and co-chief executive of Dianrong, told Reuters.

“Now we’ve graduated to another level, so people that know finance are also seeing us as someone that is really going to be part of the finance industry,” Htite said in an interview.

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