Wacai, a personal finance app developer, announced today it has secured $15 million of Series A+ funding from Qiming Venture Partners. The company has raised about ten million dollars of Series A funding from IDG Capital Partners and $3 million from CDH Investments last year. This round brings Wacai’s total funding to nearly $30 million.
Li Zhiguo, founding partner of angel investor Ameba Capital, will assume the post of Wacai’s CEO. Li worked as an angel investor since 2010 after Koubei, a ratings and reviews service he founded, was acquired by Alibaba in 2008. The projects he invested in include, social shopping service Mogujie, taxi-booking app Kuaidi Dache, interest-based social network Huaban, Wacai, etc.
Li said that it is the promising prospects of Internet finance industry and the team that attracted him to join the company. The firm is now supported by a team of round 70 employees. Li added the capital raised this time will be used to attract more talents.
With the rise of mobile internet, the threshold for financial management and financial products are lowered, and therefore, creating a huge market for personal financial management, noted Li.
The company’s core product Wacai, a bookkeeping service which claimed 60 million users, added fund trading features since last year. Wacai has teamed up with several funds, insurance companies and banks, enabling users to purchase monetary funds, stock funds and bond funds on the app. It also rolls out some high profit financial products on 18th every month to attract more users. Li added the daily sales of these products exceeded 100 million yuan ($16.27 million).
image credit: Wacai