Chinese financial tech firm Qiancheng gets $30m
Qiancheng Technology, a Chinese financial technology company that provides micro-lending services, has raised a RMB200 million ($30 million) Series B round of funding from existing investors Tiantu Capital and U51.com, a VC-backed credit card management app.
The transaction was completed in April, Rongmin Zhu, Qiancheng’s founder and CEO, told local media.
Staffed by 200 employees – of whom the vast majority are program developers – Qiancheng has developed a credit assessment and risk management technology platform through which traditional financial institutions can offer short-term micro-loans to individuals. It claims to proces more than 10 million micro-loans applications every day.
The company raised a RMB100 million Series A round in December. Investors included Shanghai-listed clothing manufacturer Baoxiniao Holding, U51.com, Tiantu, and Harmony Invest. Qiancheng plans to broaden its customer base with a view to helping financial institutions lower operational cost and improve service efficiency.
Earlier this month, PAG Asia Capital and Primavera Capital led a $118 million Series C round for Dashu Finance, which provides outsourced credit services to banks looking to participate in the small loans space.
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