China financial data firm Quant Group raises $73m

Fosun Group's PE arm Fosun Capital and Guosen Hongsheng, a private equity unit under Guosen Securities, also participated in the round.

Beijing-based Quant Group was founded in an incubator program at Microsoft Ventures in 2014. The company aims to leverage machine learning and big-data technology to help small lenders and financial institutions achieve low-cost financing. Through its self-developed e-wallet mobile app, Quant will collect small borrowers' transaction records on instant messaging app WeChat and e-commerce sites Taobao and JD.com, as well as personal credit cards. After analyzing the data, Quant will suggest a loan amount to banks, consumer finance companies or other financial institutions based on individual borrowers' credit scores.

The start-up raised a Series A round worth RMB20.59 million from Fosun Kinzon Capital, Banyan Capital and China Growth Capital in 2014. Last year, it completed a RMB66 million Series B round from Start VC, Beijing Prophet Capital, Shenzhen Oriental Fortune Capital and Jiangmen Capital.

Quant will use the latest funding to expand into its supply chain and hire more engineers, the company's founder Hao Zhou told local media.

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• Topics
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• China
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• Fosun Group
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