Sequoia supports Noah’s online China financial platform
Sequoia Capital has invested in Shanghai Noah Yijie Financial Tech, an internet finance subsidiary owned by Noah Holdings. The investment amounts to multi-millions of dollars.
Set up in March last year, Noah Yijie operates an online private wealth management platform, known as Yuan Gong Bao, to serve high-income individuals. Since inception, it has provided RMB3 billion ($484 million) worth of renminbi-denominated investment products to 50,000 individual investors from 300 Chinese leading enterprises, such as Huawei Technologies, Baidu and Haier.
Most of the new capital will be used to strengthen the platform's offering in areas such as mutual funds, insurance and US dollar-denominated investment products, Junpeng Huang, CEO of Noah Yijie, said in a press conference. The company also plans to develop its IT infrastructure and deepen its brand influence in the market.
Founded in 2005, Shanghai-headquartered Noah is listed on the New York Stock Exchange and counts Sequoia Capital, which first invested in the company in 2007, among its shareholders. The company, which also has an office in Hong Kong, distributes wealth management products that are originated in China, including fixed income products and private equity funds.
Last April, Noah and Sequoia participated in a Series B round of funding for PPDai, which claims to be China's first and largest peer-to-peer lending (P2P) platform. Lightspeed China Partners led the round.
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