Sunshine Life leads Series C-plus for China's Huisuanzhang

Founded in 2015, Huisuanzhang develops SaaS (software-as-a-service) accounting solutions that help small and medium-sized enterprises (SMEs) manage corporate finance and taxation issues.

It has a 300-person research team that has led technological innovations such as optical character recognition (OCR), automated accounting, and robotic process automation (RPA). Huisuanzhang aims to increase its automation levels to 90%. A single portal can now serve up to 20,000 corporate customers, generating a projected gross profit of 65%.

The company has also built up a credit rating system based on customers' financial and taxation records. This is marketed to financial institutions, alongside a preexisting tool that can be used to evaluate a company's operational risk exposure.

According to AVCJ Research, IDG provided RMB25 million in a Series A funding for the company in 2014 and re-upped in a RMB150 million extension two years later alongside China Soft Capital Group and Sichuan Development Financing. The government-backed National SME Development Fund committed an undisclosed sum in 2017.

Since then, Huisuanzhang has completed a RMB400 million Series B round of funding across two tranches. IDG, THG Ventures, Tendence Capital, financial technology specialist CreditEase, Xiaomi, and credit card management app 51 Credit Card were among the investors.

Within the SaaS corporate services space, China Renaissance recently led a RMB300 million extended Series C round for expense management solution provider Huilianyi. Meanwhile, Fenbeitong, a payments and expense management services provider secured $36 million in an extended Series B round. 

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• Topics
• Greater China
• Expansion
• Technology
• China
• Gaocheng Capital
• Xiaomi