AVCJ

Chinese personal finance app Wacai raises $50m

  • LinkedIn  
  • Google plus  
  • Save this article  

Hangzhou Wacai Science, a Chinese personal finance management mobile app developer, has raised $50 million in a Series B round of funding led by China Broadband Capital and CICC Capital, a PE arm of China International Capital Corporation.

Existing investors IDG Capital Partners, CDH Ventures and Qiming Venture Capital Partners also participated. This latest round brings the total raised by the company to more than $80 million.

Launched in 2009, Hangzhou-based Wacai has developed various mobile apps for users to record their daily spending and manage credit card expenditure. It also operates an online market fund products selling platform.

The new funding will be used for product development, marketing and IT upgrades, Zhiguo Li, the company's CEO, said in a post on the company's official Weibo microblog.

According to AVCJ Research, Wacai received RMB10 million ($1.6 million) in seed investment from Amoeba Capital two years ago. Last year, it acquired a Shanghai-based financial research firm, Trust Analytics, to expand its financial database after raising approximately $13 million from IDG and CDH.

Earlier this year, Qiming led a $15 million round of funding for the company.

  • LinkedIn  
  • Google plus  
  • Save this article  

More on Greater China

Latest News

world-hands-globe-climate-esg
Asian GPs slow implementation of ESG policies - survey

Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...

  • GPs