IDG invests in Chinese personal finance app developer
IDG Capital Partners has provided a Series A round of funding for Hangzhou Wacai Science, a Chinese personal finance management mobile app developer. Terms of transaction was undisclosed but the investment was said to be more than $10 million.
The site received RMB10 million ($1.6 million) in seed investment from Amoeba Capital two years ago, according to AVCJ Research.
Wacai has developed two mobile apps use by more than 40 million people to record their daily spending and manage credit card expenditure. It also operates an online personal finance discussion forum.
For a similar transaction, Sequoia Capital committed a total of $10 million across two rounds of funding for a Beijing-based personal finance management site Feidee.com earlier this month.
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