Chinese fintech start-up raises $159m Series C
China Reform Holdings Corporation (CRHC), a Chinese state-owned asset manager, has led a RMB1 billion ($159 million) Series C round for 100Credit, a financial technology start-up that uses big data to provide credit services.
Existing investor Sequoia Capital China also participated in the round, which brings the company’s total funding to date to RMB1.7 billion, according to a statement. Investors in previous rounds include China International Capital Corporation, Hillhouse Capital, IDG Capital, and Union Mobile Financial Technology.
Founded in 2014, Beijing-headquartered 100Credit uses big data technology to analyze multiple aspects of an individual’s online activities to help lenders better access credit risks of potential borrowers, as well as monitor existing loans for potential defaults. Its technology is used by more than 3,500 Chinese commercial banks, insurance firms and other financial institutions, the company said.
With the new investment, 100Credit plans to recruit talents and develop new technologies in the areas of artificial intelligence, big data, and blockchain. Part of the funding will also be used to launch new financial risk management products, with Chinese financial regulators as target customers.
Established in 2010, CRHC is backed by the State-owned Assets Supervision & Administration Commission (SASAC). It launched a RMB200 million venture capital fund alongside other central state-owned enterprises in 2016. The purpose of the fund is to invest in innovative Chinese tech companies, with a view to supporting industry upgrades in different sectors.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.