Credit Card Management App 'U51.com' Wins USD 84 Mln Series C+
Sina Tech, 10/26/16
Hangzhou-based Enniu Network Technology, developer of credit card management app U51.com, has won USD 84 mln Series C+ funding from Harvest Fund Management and Chinese department store chain Intime Retail (1833.HK). Combined with the previous USD 310 mln in Series C funding, Enniu has raised nearly USD 400 mln.
The funding will be used for mergers and acquisitions, according to Enniu CEO Sun Haitao. Enniu is planning to establish an RMB 9-digit industry fund that will concentrate investments in the fields of assets, data, and credit. The fund will likely launch sometime before the end of this year. Enniu's next merger and acquisition steps will be focused on the credit card finance ecosystem, stated Sun.
Editor's Note: Enniu recently invested in Beijing-based Zhirong Times, operator of P2P mobile lending platform Yongqianbao. For more information on this investment, as well as the Ennui's Series C funding round, please see "P2P Lending App Yongqianbao Secures RMB 156 Mln Series B+," MD 10/21/16 and "Credit Card Management App 'U51.Com' Wins USD 310 Mln Series C," MD 9/20/16 issues.
Keywords: VC financial services funding wireless credit card Harvest Fund P2P Series C Intime Sun Haitao 1833.HK Enniu U51.com M&A mobile application
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