CDH invests $3m in Chinese personal finance app Wacai
CDH Investments has committed $3 million in the latest round of funding for Hangzhou Wacai Science, a Chinese personal finance management mobile app developer.
Last month, IDG Capital Partners invested in a Series A round for Wacai, representing the debut investment from the IDG CreditEase Financial Innovation Fund. Terms of transaction were not disclosed but the investment was said to be more than $10 million.
After receiving fresh capital from IDG and CDH, Waccai has acquired a Chinese financial research firm Trust Analytics, in a bid to expand its financial database, Wacai's founder Yunfeng Quan told local media.
Wacai will set up a data analytics center in Shanghai and it is expected to launch financial products in next few months.
The company has developed two mobile apps used by more than 40 million people to record their daily spending and manage credit card expenditure. According to AVCJ Research, Wacai received RMB10 million in seed investment from Amoeba Capital two years ago.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.