Chinese credit card management app raises $310m Series C

The round values the company at more than $1 billion. Other investors include HG Capital, Guosen Securities' venture arm Guosen Hongsheng Venture Capital, Qianhe Capital and Hongtai Aplus Fund. Fancheng Capital, a VC firm established by Weixing Chen, founder of local ride-hailing app operator Kuaidi Dache, also participated. Last year, Kuaidi merged with its rival Didi Dache, forming Didi Chuxing. Chen is no longer involved in management of the business.

U51 is operated by Hangzhou-based Enniu Internet Technology, which was founded in 2012. The app is designed to analyze consumption behavior based on credit card receipts submitted by users, and provide relevant personal financial services. The company has also expanded into online credit lending services under 51 Ren Pin and entered the installment payment space as Gei Ni Hua.

The app has more than 70 million users and records RMB30 billion ($4.5 billion) worth of credit card transactions every month.

U51 secured a seed round in 2012, and then a $15 million Series A round from SIG, Crystal Stream Capital and Meridian Capital China in 2013. In February of last year, it raised a $100 million Series B round across two tranches. Investors included GGV Capital, Shunwei Capital Partners, Xinhu Zhongbao, Chinese smartphone maker Xiaomi and online retailer JD.com.

The latest capital injection will be used to advance U51's credit lending platform, as well as to expand its consumer finance business, the company told a press conference.

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• Topics
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