Driven by the personal finance boom in China, Wacai is one of the leading players in this field and has secured US$50 million of Series B funding led by CBC Capital and CICC Jiacheng, along with Series A investors IDG, CDH Fund and Qiming Venture Partners. This round brings Wacai’s total funding to over US$80 million, according to the company.
The financing will be used in technology development, marketing, R&D of financial products, and data mining. Based on data collected, Wacai also plans to construct a user credit system.
Started as a bookkeeping app in 2009, the company has gradually shifted its focus to personal finance management after acquiring financial data analytics company Trust Analytics in 2013.
The Hangzhou-based startup operates several products, including bookkeeping service called Wacai, a credit card manager, monetary fund Wacaibao, and more.
Wacai claimed to have been managing over RMB10 billion (US$1.62 billion) worth of assets for more than 100 million users as of August this year.
image credit: Wacai
Editing by Mike Cormack (@bucketoftongues)