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VC-backed Chinese credit card management app raises $50m

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U51.com, a VC-backed credit card management mobile app, has raised $50 million from Shanghai-listed property developer Xinhu Zhongbao.

The real estate firm, acting through its Hong Kong-based investment unit, is acquiring a 14.92% stake in the start-up, according to a filing. Two months ago, the mobile app secured $50 million in a Series B round of funding led by GGV Capital.

The app is operated by Hangzhou-based Enniu Internet Technology, which was founded in 2012. The mobile app is designed to analyze consumption behavior based on credit card receipts submitted by users and provide relevant personal financial services. U51 recently expanded into online credit lending and wealth management services.

The app manages more than 30 million credit cards for over 30 million users, recording around RMB80 billion ($13 billion) worth of transactions every month.

U51 secured a seed round in 2012, and then a $15 million Series A round from SIG, Crystal Stream Capital and Meridian in 2013, U51.com said in its Weibo microblog. The filling shows that GGV holds a 12.08% in the company while SIG owns 16.01%. Chinese online retailer JD.com and Shunwei Capital Partners hold 7.61% and 3.81%, respectively.

The proceeds of the latest round will be used to develop financial trading products, risk controls and recruit more financial experts. The firm plans to launch an online lending platform in the near future.

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