China online finance site Lancai raises $24m

Launched in May 2014, Lancai provides a variety of personal investment products to online users. Its main product, Lancaibao, claims to pay an annual interest rate of 7.8% on investor accounts that offer instant liquidity. Investors can withdraw their cash at any time without penalty.

Lancai has 1.25 million users registered on its platform, with total transactions worth RMB13.5 billion. Shanghai Huarui Bank recently agreed to provide custody services to Lancai.

The financial start-up raised an angel round in 2014, and an RMB80 million Series A round from Legend Capital and Shanghai Zhonglu Capital last year.

Formerly LeTV, LeEco started out as an online video portal - LeTV.com - in 2004. The company went public on Shenzhen's Growth Enterprise Market in 2010. The following year it set up a movie production house - Le Vision Pictures - producing local movies as well as financing and distributing Hollywood imports into China. The company has been aggressively expanding into other businesses such as e-commerce, smart TVs, smart cars and content production.

With the new investment, Lancai will improve its existing financial technology, as well as customize different products to investors, it said in a press conference. 

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• Topics
• Greater China
• Venture
• Technology
• China
• TMT
• Legend Capital
• Financial Services
• Growth capital