Mobile Finance App TongBanJie Lands USD 8-Digit Funding
36Kr, 12/10/13
Tongbanjie Network Technology, developer of mobile finance app TongBanJie, has announced that the company received more than USD 10 mln in first-round funding from IDG Capital Partners (IDGVC) last month. The company has also revealed plans to release a new guarantor-backed investment product before the Chinese New Year holiday (January 31), offering annual returns of up to 10%.
TongBanJie was released in June of this year, allowing users to purchase and redeem financial products directly though the app by bundling bank cards. The app offers more than 10 select low-risk finance products (primarily money market funds), with a portion of products redeemable at any time and beginning at a price of RMB 100.
The TongBanJie app serves only as a financial transaction platform, with all financial products provided by fund institutions. Neither TongBanJie nor financial institutions charge a service fee for transactions. At present, TongBanJie supports bank cards and payments only from Industrial and Commercial Bank of China, Agricultural Bank of China, and China Merchants Bank. Connectivity is expected to be achieved with 15 national commercial banks in the future.
TongBanJie was established in September 2012 by former employees of Chinese e-commerce conglomerate Alibaba Group and third-party payment processor Alipay.
Keywords: TongBanJie financial services funding wireless first-round IDGVC mobile application
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