IDG leads Series A for China online finance site Tongbanjie
Tongbanjie, a Chinese online finance mobile app, has receive more than $10 million in a Series A round of funding led by IDG Capital Partners.
The transaction was completed last month, the company said. It plans to launch new guarantor-backed financial products in coming weeks, offering an annual return of up to 10%.
In a Sina News report, IDG said the VC firm is attractive because of Tonbanjie's management team and the expected easing of restrictions on investment in online financial products.
Launched in June, Tonbanjie provides a platform for banks' clients - including Industrial and Commercial Bank of China, Agricultural Bank of China and China Merchants Bank - to purchase financial products, such as mutual funds.
The company was set up by former employees of Alipay, a third-party online payment processor. It received seed funding from China Growth Capital in January, according to AVCJ Research.
Two months ago, IDG and CreditEase, China's largest P2P platform, teamed up to create a microcredit fund. It will target internet finance technology, specifically lending, microcredit mechanisms, credit ratings, payment services and risk management enterprises in China and Silicon Valley.
The fund made its debut investment in Hangzhou Wacai Science, a Chinese personal finance management mobile app developer. The company then received an additional $3 million from CDH Investments.
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