Fintech startup Wecash (闪银) announced today that is has raised US$ 80 million funding in a series C round led by China Merchants Innovation Investment Management, Forebright Capital Management, and SIG, local media is reporting (in Chinese).
It had previously won US$ 6.6 million in series A round (in Chinese) led by IDG and secured US$ 20 million in Series B led by SIG.
Founded three years ago, Wecash is the first online credit evaluation platform in China. The Beijing-based startup was the only Chinese firm that appeared in a KPMG report on the world’s top 50 fintech innovators in 2014, according to public data on its official website.
Thanks to its strength in data mining and machine learning techniques, credit assessments can be conducted rapidly and accurately. Wecash will provide credit assessments within three minutes once the required data is provided. After being connected to users’ Taobao, JD or other social media accounts for credit certification, the online credit assessment service enables users to obtain various services such as capital borrowing and lending, car and house rental, travel and education after users provide their WeCash credit scoring to relevant agencies.
Wecash has collaborated with more than 30 financial institutions, facilitating transactions worth RMB 15 billion. By the end of March 2016, Wecash has already gathered more than 45 million users (in Chinese).
Wecash founder and CEO Zhi Zhengchun said the company will use the funds to enhance its lending artificial intelligence, enrich offline and online consumption scenes, and build a research team in machine-learning chips, in addition to subsidizing its overseas expansion plan.