Chinese fintech start-up Blackfish gets $50m
A group of VCs including Lightspeed Venture Partners has invested $50 million in Blackfish Technology, a Chinese financial technology start-up offering a range of retail banking services.
Other participants included Lightspeed China Partners, Gobi Partners, Rakuten Ventures, China Growth Capital, Morningside Venture Capital, Jafco Asia, AlphaX Partners, and Nanjing Fullshare Industrial Holdings. According to a statement, the capital will be used to develop new products and improve customer experience through more tailored engagements and services.
Blackfish was set up by three former executives at Chinese travel site Tuniu and a co-founder of Quark Finance, a personal finance platform. The company provides individuals and small to medium-sized enterprises services covering consumer loans, installment payments, and wealth management. Earlier this year, it claimed to have more than 500,000 registered users on its platform.
The investment is being billed as an extension of a Series A round that raised RMB950 million ($138 million) in January. Participants included Lightspeed China Partners, Morningside, Jafco, Gobi, Nanjing, and Tao Zhang, a founder of Meituan-Dianping, China’s largest O2O local services platform.
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