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Fosun VC provides Series B for Chinese personal finance app

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Fosun Venture Capital Investment, a VC arm of Fosun Group, has invested in a Series B round of funding for Feidee.com, Beijing-based personal finance management website, with participation from existing investor Sequoia Capital.

Details of the transaction were not disclosed but the investment amounts to tens of millions of dollars. Sequoia committed $10 million across two rounds of funding for Feidee last year.

Founded in 2010, Feidee allows users to record their daily expenses online. The company also operates Cardniu, a mobile app used to manage credit card expenditure. To date, the app has more than 120 million registered users, with 3 million daily active users.

The new capital will be used to expand the company's user base and improve data collection systems.

Fosun is seeking to expand its presence in internet finance, as the Chinese conglomerate aims to become the most influential financial group in the country, Xinjun Liang, Fosun Group's CEO, told local media.

In a similar transaction, Qiming Venture Partners in Frebuary led a $15 million round of funding for Hangzhou Wacai Science, a Chinese personal finance management mobile app developer, with participation from IDG Capital Partners and CDH Investments.

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