Legend leads $50m round for China online finance site Tongbanjie
Legend Capital has led a $50 million Series B round of funding for Tongbanjie, a Chinese online finance mobile app, with participation from existing investors IDG Capital Partners and China Growth Capital.
Tongbanjie was set up by former employees of Alipay, a third-party online payment processor, in June 2012. The platform allows 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.
Tongbanjie plans to use the new funding to add different types of products, includinginsurance and credit loans, and provide self-developed investment portfolios, the company told local media.
The start-up received seed funding from China Growth Capital early last year. A few months ago IDG led a $10 million Series A round for the company.
The platform transacts an average of over RMB200 million per day, reaching a total of RMB5 billion since inception. It currently has about 5 million users, of which one million have used the platform to buy investment products.
Tongbanjie's rival company Yingying Licai secured a Series A+ round of funding from GGV Capital last month.
Legend reached a final close of $500 million on its sixth US dollar-denominated China VC fund in May.
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