100Credit, a China-based lending services provider that counts payment services firm Union Mobile Financial Technology as an investor, has secured RMB1bn ($159m) in series C funding, China Money Network reported today.
The round was led by China Reform Fund Management, a private equity firm sponsored by investment holding company China Reform Holdings, and also featured venture capital firm Sequoia Capital China according to 100Credit’s WeChat account.
Founded in 2014, 100Credit provides technology and services that help its users manage all aspects of the loans process, as well as marketing and customer service technology for insurance providers.
The latest round brought the company’s overall funding to RMB1.7bn, its earlier investment coming from Union Mobile as well as Sequoia Capital China, VC group IDG Capital, investment banking firm China International Capital Corporation and hedge fund Hillhouse Capital.
The series C capital will be used for recruitment and the upgrading of 100Credit’s financial risk management offering, as well as research and development, as the company looks to enhance its artificial intelligence, blockchain and big data technology.