Win-win Financing (Yingying Licai in Chinese), a Chinese P2C finance app, announced it has received an additional eight-digit dollars in Series A+ round from GGV Capital after securing reportedly 20 million yuan (around US$ 3.2 million) of Series A financing last year.
Win-win Financing started its business in 2013 as a personal finance app helping users to purchase financial products like monetary funds, etc. The app gradually included P2B and P2P services in 2014. As of the end of June this year, the startup claimed more than 5 million downloads and 1 million registered users. Its turnover has exceeded 3 billion yuan, bringing over 60 million of incomes to investors, according to the company.
While most of traditional financial products target at users aged more than 35 years old, Win-win Financing is after younger users aged between 25 to 35, who just started their career. According to Ye Jinwu, CEO of the company, the per capita investment of traditional P2C and P2P platforms are usually more than 30K yuan. Since the target users of Win-win Financing may not have as much savings in their early career life, per capita investment of Win-win is around 6K to 7K yuan, which in turn leads to different profitability structure of the platform, said Ye.
With the new funding, the company plans to reconstruct its financial asset management team and improve user experience. It is reported that the firm will launch a web version for PC users very soon to complement its app business. According to Ye, three top priorities of the company are: find high-quality assets, risk control and provide quality service to users.
Ye Jinwu, founder and current CEO of Win-win, founded the company in 2013 together with a Alipay-pedigree team.
Jenny Lee, partner of GGV Capital, thinks mobile finance is going to be an innovation forefront in mobile filed. She predicted that the market size of mobile finance industry is expected to reach hundreds of billions yuan with the opening up of Chinese financial industry. Personal finance app Wacai just announced US$15 million of Series A+ funding earlier this year.