Sequoia invests $10m in China personal finance site
Sequoia Capital has committed a total of $10 million across two rounds of funding for Feidee.com, a Beijing-based personal finance management website.
The company completed a Series A round in December and the second round came last month, local media reported.
Feidee.com allows users to record their daily expenses online. The company also operates another site called Cardniu.com, which is a mobile app to manage credit card expenditure. To date, the two sites - Feidee and Cardniu - have more than 60 million and 20 million users, respectively.
"We believe Sequoia Capital will bring the company to the next stage of development, said Feng Gu, CEO of the company.
He noted the VC firm is familiar with online finance industry, having previously invested in Rong360, an online search engine for loan products, personal lending platform ppdai.com, investment information provider xueqiu.com and mobile payment system QPOS.
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