Mobile Financial Service Tongbanjie Books Tens of Millions of Dollars in Series A Financing

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201312101634571482134440Mobile financial app Tonbanjie secured tens of millions of dollars in Series A funding led by IDG Capital. The angel round is from China Growth Capital.

Launched this June, Tongbanjie adopts an operation model similar to that of Alipay’s Yuebao. Users can purchase or redeem financial products in the app with bonded bank cards. It established in-depth cooperation with Fund123 and Guohua Life, as well as several professional institutions, helping users to leverage profits and risks. The service now offers more than ten funds and insurance products.

It is worth noting that Tongbanjie do not have access to user’s capital. All the transactions were conducted within the system of financial institutions under banking supervision. The company planned to roll out custom service in the near future.

He Jun, CEO of the company, has eight years working experience in Alibaba and AliPay. IDG Capital is bullish on the team and prospect of online finance industry.