Chinese online finance site 9fbank secures $110m

The funding round was completed in the first quarter this year. Existing investors sold old shares for $20 million, while the balance was raised through the issue of new shares, according to a statement.

Backers include: VC firms IDG Capital Partners and SIG Asia; Jacky Xu, founder of Trendy Group and online retailer Vipshop.com; Jun Tian, CEO of Fortune Oil; hedge fund manager Gang Fu; Ping An Insurance; Tsinghua University's joint ventures Incorp Capital and Union Fortune; and Hong Kong-based private equity firm Grandis Capital.

9fbank.com started out as an online finance marketplace in 2006 through which users could search for offline lending services. It soon expands to wealth management services through cooperation with commercial banks and micro-finance operators.

In 2013, the firm launched six financial mobile apps, including big data-empowered credit assessment platform Wecash and personal finance app Wukonglicai. It also provides peer-to-peer (P2P) online lending services.

The start-up secured RMB10 million ($1.6 million) in angel funding in 2006, and then received $3 million from an undisclosed Hong Kong-listed company.

The proceeds of the latest round will go towards improving credit assessment, upgrading supply chains and recruiting additional staff.

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• Topics
• Greater China
• Venture
• Technology
• Financials
• China
• Financial Services
• TMT
• Venture
• IDG Capital Partners
• Susquehanna Asia Investment
• Growth capital