Personal Finance App Wacai Lands USD 3 Mln in New Funding
36Kr, 10/24/13
Quan Yunfeng, co-founder of Caimi, developer and operator of financial management app "Wacai," today confirmed the completion of USD 3 mln in new funding from Chinese private equity firm CDH Investments. Caimi announced the completion of USD 8-digit first-round funding from venture capital firm IDG Capital Partners last month. Quan did not reveal if the USD 3 mln figure was part of a round of A+ funding or the beginning of a second round of funding.
Quan also announced that Caimi has acquired retail finance consulting firm Xince Shuzi Technology (Shanghai) Co., Ltd. (Trust Analytics) in a RMB 8-digit consideration through a combination of cash and stock. Following the acquisition, Trust Analytics CEO Gu Chenwei will join Wacai as President. Additionally, Caimi will establish a digital finance business unit in Shanghai comprised of members of Trust Analytics' team, responsible for developing innovative financial products. The company expects the new division to release a product in the next several months.
Editor's Note: For more background on this topic, please see "Personal Finance App Completes USD 8-Digit Funding" MD 9/23/13 issue.
Keywords: financial services Quan Yunfeng Trust Analytics Gu Chenwei HR funding wireless CDH Investments Wacai Caimi M&A mobile application Xince Shuzi
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