China’s credit card management app 51 Credit Card Manager announced it has secured US$50 million of Series B financing led by GGV Capital at a valuation of nearly US$300 million.
The company had closed a combined US$15 million of Series A and A+ round in 2013 from SIG, Crystal Stream and Meridian Capital China. The angel round was received from legendary Chinese angel investor Charles Xue and Meridian Capital China in 2012.
Company CEO Sun Haitao disclosed that the funding will be used for recruiting, R&D, risk control and marketing. He added that they are in talks with investors for a Series B+ round.
51 Credit Card Manager provides credit card management solutions through analysis of users’ data from credit card bills, bookkeeping, credit card applications and payment transaction. The app has had over 36 million downloads since launch, managing more than 35 million credit cards. It claims to manage the bills of around 20% of China’s most active credit card users.
Upon receiving this round, the company is looking to expand its online lending business. Last April, the startup added a lending feature ‘Shunshidai’ to the app, allowing users to lend between RMB10,000 (US$1,600) and RMB 60,000 within ten minutes. 51 Credit Card Manager also offers a credit decision system, a risk strategy development service that combines user credit operations. Its partner Yirendai, a online lending site run by CreditEase, will be responsible for running risk control assessments, granting credit lines, and providing funds.
Hangzhou-based Enniu Internet Technology, the company behind 51 Credit Card Manager, has also developed several other financial apps, including a bookkeeping service, a bank card security service, a credit card application and verification app and a credit card cash withdrawal app.
Fintech is a rising sector in China’s tech industry with 150 startups in this field receiving funding last year, according to Chinese startup database ITjuzi.com. Two major competitors of 51 Credit Card Manager are Cardniu and Wacai.
image credit: 51 Credit Card Manager
Editing by Mike Cormack (@bucketoftongues)