JD Capital invests in China online finance site 91Wutong
China-focused PE fund manager JD Capital, Tongxin Securities Direct Investment and Shenzhen Jidi Xintian Venture Capital have invested in a Series A round of funding for 91Wutong, a Chinese online finance platform.
Financial terms were undisclosed but the investment amounted to tens of millions of dollars, local media reported.
Launched in June, 91Wutong was founded by Ken Chen, formerly an executive in Noah Wealth Management. The platform differentiates itself from other online finance sites in that it focuses on high net worth individuals and institutional investors that are looking to buy wealth management products offered by trust companies and securities firms.
The site claims to have attracted over 100,000 users and transacted RMB400 million ($64 million) since inception.
JD Capital, also known as Jiuding Capital, set up a new fund to provide individual loans for Chinese university students in September.
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