KKR invests in Chinese fintech platform

According to a release, KKR’s investment will support Suishou’s expansion within China. It is not clear whether other investors will participate in the funding round as well. Suishou’s other VC backers include Sequoia Capital, Fosun Group and Source Code Capital.

Suishou’s platform provides customers with solutions to track spending, plan their budgets and manage credit card usage, through mobile apps including credit card manager Cardniu and bookkeeping app Suishouji. The company claims to be China’s largest mobile personal finance platform, with over 300 million downloads for its apps.

Founded in 2010 as Feidee.com, Suishou expects demand for personal finance solutions to grow with increasing urbanization in China and the growth of the country’s middle class, with urban consumers’ disposable incomes projected to double from their 2010 levels by 2020.

"We are very excited to work with a high-caliber partner like KKR, which shares our vision for growth and can leverage its experience in China and the financial services and technology industries to support our expansion,” said Suishou CEO Gu Feng. “The Suishou team is excited to build on our success as China's most-used personal finance management platform and enhance the lives of hundreds of millions of users who increasingly seek solutions to manage their budgets and achieve financial independence."

A number of PE and VC investors have been drawn to China’s internet finance space in recent years, attracted by both start-ups and large internet companies that want to disrupt traditional financial services. Notable deals include a $160 million Series B round for Hong Kong-based mobile lending platform WeLab and a $42 million commitment by CDB Capital to finance management app developer Wacai.

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• Topics
• Greater China
• Expansion
• Financials
• Technology
• China
• KKR
• TMT
• Financial Services