Yuanbaopu, a financial big data service platform, announced that it has secured RMB 100 M (USD 15.35 M) in Series B financing, tech news site 36kr reported on Friday.
This round of financing is led by Chinese tech giant Tencent, followed by Banyan Capital, a Beijing-based venture capital group focusing on early stage and growth stage investments in the telecommunications, media, and technology (TMT) sector.
“The funding will be mainly used to optimize client services, improve service quality and strengthen research & development to help financial institutions reduce their operating costs,” said Chen Ruigui, the CEO of Yuanbaopu.
Yuanbaopu also released its new product FIDE, a financial data engine, at the same time. The product combines an IT platform with big data processing and risk control, aiming to provide online automated credit solutions for Chinese financial institutions.
Founded in January 2014 in Hangzhou city in eastern China, Yuanbaopu is a comprehensive financial services platform that focuses on solving the financing problems of small and medium-sized e-commerce companies in China. Unlike peer-to-peer lending, the platform builds a bridge between banks and emerging e-commerce groups using big data technology, which helps the groups get better financial services and more capital support.
With the downturn of the global economy and the marketization of interest rates, microloans have begun to mushroom in China. Main rivals of the platform include China’s e-commerce giants Alibaba’s “Ali loan” and JD.com’s “JD loan”.
(Top photo from www.donews.com)