US-based Metaway Capital backs China online finance site

In a statement, Bankwel said that it will use the funds to expand its team and strengthen marketing efforts. It will also improve R&D capabilities and service quality.

The company launched in 2014 as an online banking platform for individuals, small and medium-sized enterprises, institutions, and corporate customers. In addition to banking, Bankwel also offers financial advisory, investment, and asset management services.

Metaway Capital is the private equity division of US-based Metaway International Group, which was founded in 2009 and specializes in cross-border real estate investment and wealth management, and overseas investment consulting.

Bankwel is the latest player in China's online banking sector to attract investment interest. Internet finance platform Rongzi.com is another benefactor, having recently received a RMB200 million Series A round led by Greenwoods Investment.

One factor challenging the traditional banking model is the rise of online peer-to-peer lending platforms, which allow web users to lend money to each other on their own terms. Platforms to gain funding in recent months include Jimubox and WeLab.

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• Topics
• Greater China
• Financials
• Technology
• Expansion
• China
• Financial Services
• Technology
• TMT
• Growth capital