Chinese fintech player Wiseco raises $94m Series A
Chinese financial technology start-up Wiseco Technology, which provides big data-powered risk control and debt collection services, has raised RMB650 million ($94 million) in a Series A round led by Huading Capital and Sino Ocean Group.
Other participants include China Growth Capital, Green Pine Capital and Boya Capital. The company previously raised a RMB100 million pre-Series A round from Huagai, Boya and several industry investment funds, including China-listed Santai Holding and iPinYou.
Established in 2014, Wiseco claims to have served over 100 financial institutions, including 22 banks and seven consumer finance players. Other clients include fintech companies, e-commerce enterprises, and retailers. It has four main product lines: credit assessment tools; customized digital solutions for loan issuance and management; traffic generators for online platforms of financial institutions; and debt collection programs.
The new funding will be used to expand the company's product coverage and recruit talent, according to a statement.
With high levels of internet and mobile penetration, China's fintech industry is developing rapidly, bolstered by substantial government and private funding. The demand is mainly being driven by under-served small to medium-sized enterprises (SME) and tech-savvy, often unbanked, consumers keen to access financial services via their mobile phones, according to EY.
Recent activity in this space includes a $103 million round for Pintec, which connects consumers with financial services offered by banks and other institutions. There was also a $50 million round for Blackfish, which provides consumer loans, installment payment services, and wealth management services to individuals and SMEs.
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