China-based brokerage firm Futu Securities has raised $145.5m in series C funding from a consortium led by internet company Tencent, China Money Network reported today.
Venture capital firms Matrix Partners China and Sequoia Capital China also took part in the round, which valued the company at more than $1bn according to Futu founder Li Hua, though he did not reveal its precise valuation.
Founded in 2012, Futu Securities operates an online stock trading platform that allows users to invest in US and Hong Kong-listed companies. The company claims to have served more than 3.4 million investors and processed a combined $73bn worth of transactions.
Futu will use the money for product development, research and development and deeper cooperation with the Hong Kong Stock Exchange, Nasdaq and the New York Stock Exchange.
Tencent, Matrix and Sequoia previously provided $60m in series B capital in 2015 and an eight-figure renminbi sum (RMB10m = $1.5m) in a 2014 series A round.
Pony Ma, founder and chief executive of Tencent, said: “Futu Securities has great internet genes and product technology capabilities.
“The team has focused on building and improving its products, while creating its core competitiveness and is loved by investors in US and Hong Kong stocks.”