China-based financial management app developer Wacai has raised $80m in the second tranche of a series B round featuring IDG Capital, an affiliate of media company IDG, China Money Network reported today.
Private equity fund New Horizon Capital led the tranche, which included Ally Bridge Group, GX Capital, China Broadband Capital (CBC), China International Capital Corporation (CICC), CDH Investments and Qiming Venture Partners.
The company has now raised a total of $130m in its series B round. The $50m first tranche of the round, closed in December 2014, was co-led by CBC and CICC and also featured IDG Capital, CDH and Qiming.
Wacai is the creator of a personal finance app that combines a bookkeeping function with a credit card manager and a wealth management service. It claims to have accumulated more than 100 million registered users.
The funding will be invested in product development, marketing and the expansion of Wacai’s big data infrastructure, according to a statement in December.
Wacai initially raised approximately $1.6m in seed funding from Ameba Capital in 2011, before securing $10m from IDG Capital in September 2013 and an additional $3m from CDH the following month.