Personal Finance App Tongbanjie Claims Nearly US$50M of Series B Financing

Amid the boom of personal finance apps in China, Tongbanjie, a mobile financial app, announced it has received nearly US$50 million of funding led by Legend Capital, and followed by angel and Series A investor China Growth Capital.

The company has received Series A financing from IDG Capital and China Growth Capital at the end of last year. The funds will be used to improve the product and marketing, according to the company.

As a financial product aggregator, Tongbanjie allows users to purchase, check and redeem financial products according to their needs and risk-taking capabilities. It serves as a sales channel for financial products like standardized monetary funds, insurance, P2P products, etc.

As of present, Tongbanjie claimed a daily turnover of more than 200 million yuan (around US$ 32.6 million) and a total turnover of over 5 billion yuan since its launch in June 2013. The number of registered users is around 5 million.

He Jun, founder of the company, positioned Tongbanjie as a service for individual users neglected by the banks. The company targets at young users in early-stage of their career who may not have abundant funds to invest in traditional financial products that usually require a high minimum investment amount.

Win-win Financing, a personal financing app with similar focus on young users, also secured fresh financing earlier this year.

image credit: Tongbanjie