Hillhouse leads round for Chinese B2B finance platform
Yunzhangfang, a Chinese corporate tax and financial management software-as-a-service (SaaS) provider, has raised RMB300 million ($43.2 million) in a Series C round led by Hillhouse Capital.
Hillhouse also backed the company's previous round, which closed in July 2017 at $14.8 million. Earlier funding of $9.7 million from AA Investment came across two tranches in 2015 and 2016, according to AVCJ research. The company claims it has raised RMB500 million so far.
Founded in 2014, Yunzhangfang provides online accounting solutions for small and medium-sized enterprises (SMEs). It has more than 700,000 clients located in 23 cities and provinces, and generates average monthly revenue of more than RMB 10 million. The company's platform connects with tax systems in different Chinese cities allowing users to complete tax filings and make payments with greater efficiency.
The fresh capital will go towards enhancing the artificial intelligence technology that underpins Yunzhangfang's system and the development of a new SaaS platform that allows third-party software developers to create applications for use by the company.
Other players in this space include Huisuanzhang, Dazhangfang, and Yidaizhang, all of which have adopted similar business models.
Hillhouse is an active player in China's broad B2B services space. It recently led an RMB800 million Series C round for Golden Education, a Chinese financial education service provider that operates both B2B and B2C platforms.
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.