GGV leads round for Chinese personal finance app Yingying

The investment size amounts to tens of millions of dollars. The company reportedly raised RMB20 million ($3 million) from Ceyuan Ventures last year. The new capital will be used for team building and service enhancement.

Yingying, which was launched last year, is operated by Hangzhou Longying Investment Management. The company provides a platform for users to purchase financial products online, including mutual funds offered by financial institutions.

As of the end of June, Yingying claimed to have one million registered users and transacted nearly RMB300 million. According to local media, the firm will launch a web-based service to complement its mobile app business.

GGV - which has offices in Silicon Valley and Shanghai - closed its fifth fund at $620 million in May. Since then, the VC firm has invested in US-based gaming social networking platform Curse, US e-commerce site Wish, Chinese animation producer Light Chaser Animation Studios and Southeast Asia-focused taxi-booking mobile phone app GrabTaxi.

GGV is not the only investor targeting personal finance apps. Qiming Venture Partners led a $15 million round for Hangzhou Wacai Science, a Chinese personal finance management mobile app developer. Existing investors IDG Venture Partners and CDH Investments also took part in the round.

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• Topics
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