GGV leads $50m round for China credit card management app
GGV Capital has led a $50 million Series B round of funding for 51Zhangdan, a Chinese mobile app that helps manage credit card spending.
The latest round values 51Zhangdan - which was founded in 2012 - at $300 million, the company said on its official Weibo microblog.
The app is designed to analyze consumption behavior based on credit card receipts submitted by users and provide relevant personal financial services. There have been over 36 million downloads and the app manage more than 35 million credit cards.
Haitao Sun, 51Zhangdan's CEO, told local media that the firm will broaden its financial services offering. The new funding has been earmarked for continued data analysis efforts, including credit evaluation, online identity verification and anti-fraud actions.
Jenny Lee, managing partner at GGV, said that the effective reception and analysis of data are key to the success a financial mobile app. The VC firm will support 51Zhangdan as it seeks to move from credit card management into banking back-office services.
The Sino-US venture capital firm raised $620 million for its fifth VC fund in May. It invests in early- and growth-stage companies across the internet and digital media, cloud computing and mobile industries in the US and China.
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.