Financial Services
Deal focus: CreditAccess pursues multi-market scale in Asia
Olympus Capital commits $30 million to support the roll-out of CreditAccess Asia's microfinance business in new markets
VC-backed Qufenqi raises new round, plans domestic IPO
Qufenqi, a Chinese electronic retailer that allows buyers to pay in installments, has completed a new round of renminbi-denominated funding, having removed its variable interest entity (VIE) structure in preparation for an onshore listing.
Olympus supports microfinance player's Asia roll-out
Olympus Capital Asia has agreed to invest $30 million in CreditAccess Asia, but this could just be the starting point as the India and Southeast Asia-focused microfinance institution (MFI) pushes into new markets, with Vietnam the likely next target.
PE-backed Ujjivan Financial Services files for India IPO
Ujjivan Financial Services, an India-based microfinance institution (MFI) that has been awarded a banking license, has filed for an IPO, which would facilitate exits for several private equity backers.
Fund focus: Plugging the innovation gap
First State Super teams up with local VC player H2 Ventures to back Australia financial technology start-ups
SMFG agrees to buy GE's Japan leasing unit for $4.8b
Sumitomo Mitsui Financial Group (SMFG) has agreed to buy GE Capital’s Japan leasing business for JPY575 billion ($4.8 billion) as parent company General Electric continues to pare its assets.
China Phoenix TV’s online finance platform secures $80m
Fengjr.com, an online finance platform created by Chinese television broadcaster Phoenix Satellite TV, has raised an $80 million Series A round led by CITIC Asset Management and CASH Capital – the VC arm of the state-owned Chinese Academy of Sciences...
CreditEase's Yirendai targets up to $82.5m in US IPO
Yirendai, an online peer-to-peer (P2P) online platform owned by China-based micro-credit loan player CreditEase, is looking to raise up to $82.5 million through its US IPO.
LeapFrog gets $200m as OPIC commits to emerging markets GPs
The Overseas Private Investment Corporation (OPIC) has committed $200 million to LeapFrog Investments as part of a $1 billion financing drive for development-oriented funds in emerging markets.
CITIC PE-owned online finance platforms raise $65m
Maidai Licai and China Top Credit, two Chinese online finance platforms wholly-owned by CITIC Private Equity, have raised RMB420 million ($65 million) from their parent company and other strategic investors.
Australia's First State Super to invest in fintech start-ups
First State Super has teamed up with VC firm H2 Ventures to support financial technology start-ups. The Australian superannuation fund expects to deploy around A$250 million ($182 million) in technology innovation.
General Atlantic promotes Mumbai-based Sood to principal
General Atlantic has promoted Mumbai-based Rajat Sood to principal. He has been with the firm since 2007 and was previously vice president.
CPPIB, Temasek join $7b pre-IPO round for China's PSBC
Canada Pension Plan Investment Board (CPPIB) and Temasek Holdings have participated in a RMB45.1 billion ($7.5 billion) pre-IPO funding round for The Postal Savings Bank of China (PSBC)
Venturra invests in Singapore's BitX
Venturra Capital, the recently launched Southeast Asia VC firm sponsored by Lippo Group, has invested an undisclosed amount in Singapore-based bitcoin start-up BitX.
DBS to support Singapore’s start-up ecosystem
DBS Bank will invest S$10 million ($7 million) over the next five years in initiatives aimed at supporting Singapore start-ups.
Australia's Tyro Payments receives $72m in funding
Tiger Global Management, TDM Asset Management and Mike Cannon-Brookes, co-founder of Atlassian, have provided A$100 million ($72 million) in funding for Tyro Payments, an Australian financial technology company with aspirations of becoming a bank.
J-Star owned medical insurer makes bolt-on acquisition
Nihon Hoken Service (NHS), a Tokyo-based insurance agency and insurance solicitation business bought by J-Star earlier this year, has completed the bolt-on acquisition of industry peer Sokisha Corporation.
Allianz, Baidu, Hillhouse form Chinese insurance JV
Chinese search giant Baidu, German insurer Allianz and China-based Hillhouse Capital have formed an internet insurance company to distribute insurance products in China.
Lufax, China private funds to launch online products
Shanghai Lujiazui International Financial Asset Exchange (Lufax), a Chinese online financial platform controlled by Ping An Insurance Group, has signed agreements with 30 domestic private investment fund managers that will see their products distributed...
India financial services: Proxy play
A sizeable portion of the PE capital entering Indian financial services has targeted wealth management as local players look to scale up their offerings on the back of growing private wealth
KKR buys controlling stake in India's Avendus
KKR has bought a 70% stake in Indian financial services firm Avendus Capital for an undisclosed sum.
CreditEase's online P2P lending unit files for US IPO
Yirendai.com, an online peer-to-peer (P2P) online platform owned by China-based micro-credit loan player CreditEase, has filed for an IPO in the US.
Premji, Temasek pay $296m for stake in ICICI's life insurance unit
PremjiInvest - the family office of Wipro Enterprises chairman Azim Premji - and Singapore's Temasek Holdings have agreed to pay INR19.5 billion ($296 million) for a 6% stake in the life insurance unit of ICICI Bank.
Sailing supports securities JV in Shanghai Free Trade Zone
Sailing Capital, a private equity firm backed by Shanghai International Group, has agreed to invest in a joint venture securities company based in the Shanghai Free Trade Zone.