China credit card management app U51 raises a further $84m
U51.com, a Chinese credit card management mobile app, has secured $84 million in an extended Series C round from Chinese asset manager Harvest Global Investments and department store operator Intime Retail Group.
The extension brings U51's overall Series C round to $394 million, following a $310 million commitment from Tiantu Capital and A-share listed property developer Xinhu Zhongbao last month.
Founded in 2012, U51 is operated by Hangzhou-based Enniu Internet Technology. 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.
With more than 70 million users on its platform, U51 has already achieved profitability. It generates approximately RMB100 million ($15 million) per month and expects to reach RMB1 billion in total revenue by the end of this year.
The company 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, smart phone maker Xiaomi and online retailer JD.com.
Following the latest round of funding, U51 plans to set up an industry-focused fund that will invest in upstream and downstream financial technology, covering asset management, financial data and credit lending services, Haitao Sun, the company's CEO, told local media. Part of the proceeds will also be used to expand product lines and market share.
Listed in Hong Kong, Intime operates Intime Department Stores, Intime Shopping Centers and online store Yintai.com in mainland China. In 2014, Alibaba Group invested $692 million for a 34% stake in the firm. The deal included a joint venture that will to develop shopping malls, department stores and supermarkets in China.
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