[Update] Online Financial Intermediary 91jinrong Raises RMB200M of Series B Financing

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[Update] 91jinrong, a Chinese online financial intermediary, announced that it has received Series B funding led by Haitong Capital, a subsidiary of Haitong Securities, and followed by existing investors of CBC Partners and Matrix Partners. A representative of the company told TechNode that 91jinrong raised RMB200 million (around US$32 million) of funding in this round.

91jinrong has secured 60 million yuan of Series A financing led by CBC Partners and angel investment from Matrix Partners China.

The company, which is a member of Microsoft Ventures Accelerator’s third class in China, started as an financial intermediary service by matching potential consumers with corresponding financial institutions. After receiving Series A funding last year, 91jinrong added new services, like loan product search, enterprise + personal financial product, car insurance, etc.

The company’s revenue mainly comes from data and advertisement fees, as well as commissions charged on financial institutions. 91jinrong claimed to have formed partnerships with over 300 banks and financial institutions, with over 300 million yuan (around US$48 million) in daily loan transactions, and more than 2,000 daily insurance transactions. The company added that it has booked more than 100 million yuan of revenue in 2013.

Xu Zewei, the company’s founder, said that 91jinrong is expected to expand business to 80 major cities countrywide and record an annual turnover of more than 300 billion yuan by 2015.

image credit: 91jinrong