Chinese Online Finance Platform Wins RMB 60 Mln Funding
Tencent Tech, 10/24/13
Microsoft's China startup incubator program, Microsoft Ventures Accelerator, has announced that Xianzhi Chuangke Technology, operator of online finance platform 91jinrong.com, has received RMB 60 mln in funding from China Broadband Capital and Matrix Partners, among other investors. The company was a part of the third batch of companies accepted into Microsoft's incubator program.
91jinrong.com is an online financial product sales and services platform for financial firms, small and medium enterprises (SME), and individual users. The platform utilizes personal information, needs, and credentials submitted by users to provide appropriate loans and insurance services from corresponding financial institutions.
Xu Zewei, CEO of 91Jinrong.com, noted that the service has established partnerships with more than 300 financial institutions, including Industrial and Commercial bank of China (ICBC), Standard Chartered Bank (HSBC), Sunshine Insurance Group, and China Continent Insurance. The daily transaction volume of loans processed on the site exceeds RMB 300 mln, with more than 2,000 insurance transactions handled each day. The service has provided financial products to several hundred thousand customers in total.
Since launching in July 2012, Microsoft Ventures Accelerator has provided startup guidance and services to 47 technology startups in China, nine-tenths of which have received various stages of funding.
Other recent major Microsoft Ventures Accelerator funding is as follows: Cloud-based automated app testing solutions provider Beijing Yunce Network Technology received USD 9.9 mln in first-round funding from IDG Capital Partners (IDGVC). Beijing-based cloud storage software developer and operator of cloud storage software "Wiz" (Wozhi Technology) received RMB 10 mln in pre-Series A funding from Gobi Partners. Beijing Guoguo Online Technology Mobile, operator of short video SNS software "Microphoto" ("Wei Pai") and business intelligence and information service provider EverString, both received USD 7-digit angel funding.
Editor's Note: For more information on this topic, please see "Microsoft Introduces China Start-Up Incubator," MD 7/08/13 issue.
Keywords: EverString Guoguo Yunce 91jinrong financial services Xu Zewei funding users Gobi Partners IDGVC Matrix Partners Microsoft China Broadband Capital Wiz
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