Online media and hardware company LeEco has provided RMB180m ($27m) of series B funding for China-based online finance platform Lancai, China Money Network reported today.
Founded in 2013, Lancai runs a platform offering personal investment products for wealthier citizens. Its flagship product, Lancaibao, reportedly promises an annualised interest rate of 7.8% with a minimum investment level of almost zero and instant cash withdrawal available.
The company said Legend Capital, the corporate venturing arm of conglomerate Legend Holdings, supplied it with RMB30m in series A capital before combining with a subsidiary of investment holding company Shanghai Zhonglu Group for a RMB50m series A+ round in 2015.
The deal represents the first fintech investment by China-headquartered LeEco, which began life as an online video streaming platform, but which has since diversified into e-commerce, smart televisions, virtual reality and electric vehicle development.