Temasek co-leads $78.2m round for China’s Tongdun

This is Temasek's first investment in a Chinese financial technology company, Tongdun said in a statement. Existing backer Advantech Capital also participated in this round.

Hangzhou-based Tongdun, previously known as FraudMetrix, provides risk control and anti-fraud solutions based on artificial intelligence (AI) and big data analysis. This includes tracking customer credit records through multiple online platforms to identify any fraudulent or high-risk behavior that might result in a credit institution suffering a financial loss.  

With a 600-strong team, Tongdun has worked with more than 7,000 Chinese companies over the past four years. Its customers include internet finance businesses, traditional banks, insurers, e-commerce companies and social networking platforms.

Tongdun previously raised seed funding from IDG Capital and China Growth Capital in 2013, and a Series A round from China Broadband Capital and Linear Ventures in 2014. Qiming Venture Partners invested the following year, leading a $30 million Series B round, and then in 2016 Advantech led an extended Series B round worth RMB32 million.

The new capital will go towards improving existing services and international expansion. Tongdun recently invested in a blockchain company in Toronto and it plans to allocate $100 million to product innovation and developing its cloud-computing capacity.

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• Topics
• Greater China
• Expansion
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• China
• Temasek Holdings
• Tiantu Capital
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