Shunwei commits $29m to China expense management platform
Maycur, a China-based software-as-a-service (SaaS) provider specialising in corporate expense management, has raised CNY 200m（USD 29m in Series C funding from Shunwei Capital.
It follows a CNY 100m Series B in 2020 led by Vitalbridge Capital and two extensions - CNY 100m from Vitalbridge and CNY 200m from CMC Capital. The most recent extension closed in 2021, according to AVCJ Research.
Maycur was founded in 2015 by Meizhong Wei, a finance industry veteran who previously spent 15 years as CFO of Dahua Technology, a partly state-owned video surveillance equipment manufacturer. He built the company's finance, IT and human resources management systems.
Having led the transformation of a business from manual bookkeeping to computer records to full digitalisation, Wei resolved to improve efficiency in the finance industry. Maycur represents the crystallisation of his ideas on digitalisation.
The company launched a fee control and reimbursement solution in 2015 and then expanded into digital accounts management in 2019. It developed a product known as a “digital electric ticket” to link the upstream and downstream sections of corporate supply chains and build a data network for sales and procurement.
Maycur claims to have served 4,000 medium and large-size enterprises, including 350 listed companies. Together, these customers have more than 2.7m users across over 180 countries and regions.
According to iiMedia Research, China's finance and tax services market was worth CNY 297.2bn in 2022 and is expected to reach CNY 400bn by 2025.
Other significant players in the field include Ekuaibao, which closed a CNY 1bn Series D in 2021, and Fenbeitong, which achieved unicorn status on raising a USD 140m extended Series C round in 2022.
Maycur will use the new capital for product development, marketing, and recruitment.
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