Chinese expense management specialist secures $42m
China Renaissance has led a RMB300 million ($42 million) extended Series C round for Chinese expense management solution provider Huilianyi. Additional contributions came from existing investors SBCVC, Blue Lake Capital and Z Capital.
Huilianyi - also known as Helios - integrates front-end service providers such as hotel booking platform Ctrip and ride-hailing player Didi Chuxing with its clients' internal financial and human resources management systems. The goal is to create a one-stop solution that runs from payment all the way through approval, reimbursement, auditing, and financial voucher processing.
The company wants to make expense management more efficient, compliant and transparent, while reducing costs and improving the employee reimbursement experience.
Huilianyi has entered Singapore, Malaysia and Japan and claims to serve thousands of well-known enterprises including Didi, Fosun Group, Sany Heavy Industry, Watsons, and China International Marine Containers. The new funding will be used to diversify product lines. The main Huilianyi brand will be used for large corporates, while the “Super Reimbursement” line will focus on small and medium-sized enterprises.
Government support remains the main driver for digital reimbursement developers. In some cities, electronic tax compliance has shifted from optional to compulsory. For example, Shenzhen's Qianhai district introduced e-invoicing this year.
Other recent investment activity in the space includes a $36 million extended Series B for Fenbeitong, an enterprise payment and expense management services provider based in Beijing. Meanwhile, Ekuaibao, a software-as-a-service (SaaS) provider specializing in corporate reimbursements, raised a $50 million extended Series C round led by Tiger Global Management last October.
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