CDB Capital leads $42m round for China fintech firm Wacai

China Broadband Capital, New Horizon Capital, Qiming Venture Partners and Ally Bridge Group also participated in the round.

Set up in 2009, Hangzhou-based Wacai initially launched several mobile apps for users to record their daily spending and manage credit card expenditure. Over the years, the company has expanded into other areas of personal finance, providing management sevices for personal loans, credit cards and wealth management.

At present the company has 160 million of users and has facilitated more than RMB100 billion ($14.5 billion) worth of wealth management product transactions. It is already profitable.

“We hope to share with Wacai our experience and technology in the financial services industry, and cooperate closely in the areas of wholesale banking and retail services,” Zhang Jielong, managing director at CBD Capital, told local media.

According to AVCJ Research, Wacai received seed funding from Amoeba Capital in 2012. The following year it acquired Shanghai-based financial research firm Trust Analytics in order to expand its financial database, following a $13 million investment from IDG Capital and CDH Investments.

In 2014, the company raised a $15 million round led by Qiming and a $50 million round from China Broadband. One year later, New Horizon led a further round of $80 million.

Wacai plans to invest at least RMB500 million over the next two years in the development of big data technology and improvements to its platform.

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• Topics
• Greater China
• Financials
• Technology
• Expansion
• China
• TMT
• China Development Bank
• Qiming Venture Partners
• China Broadband Capital
• New Horizon Capital
• Growth capital
• Ally Bridge