Chinese financial services platform concludes $63m Series B
Huisuanzhang, a Chinese finance and tax management software developer, has completed a RMB400 million ($63 million) Series B round of funding across two tranches.
The company raised RMB200 million in October from IDG Capital, THG Ventures, Tendence Capital, Chuanrong Capital, and financial technology firm CreditEase. Subsequent to that, it received an additional RMB200 million in a round led by Chinese smart phone maker Xiaomi and credit card management app 51 Credit Card – both of which have raised substantial PE and VC funding.
Founded in 2015, Huisuanzhang develops online accounting solutions, providing corporate finance and taxation services for Chinese small and medium-sized enterprises (SMEs). As of December, its services covered more than 300 Chinese cities, serving over 300,000 paid users.
According to AVCJ Research, IDG invested RMB25 million in a Series A round for the company in 2014, and re-upped in a RMB150 million extended Series A round in 2016 alongside China Soft Capital Group and Sichuan Development Financing. Last year, the government-backed National SME Development Fund committed an undisclosed sum to the company.
The latest funding will be used to develop technology and scale the business. Huisuanzhang intends to introduce a credit rating system for SMEs by leveraging its partnerships with financial institutions and existing data, a statement said.
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