Shenzhen Suishou Technology, a China-based personal bookkeeping platform backed by conglomerate Fosun, raised $200m in a series C round yesterday led by private equity firm KKR.
Suishou has not named additional investors in the round. KKR provided the capital through its $9.3bn Asian Fund III, which closed in June 2017 and stands as the largest Asia-dedicated private equity fund raised to date.
Founded in 2009, Suishou has developed mobile apps that help consumers manage their personal finances. Its first product, Suishouji, is dedicated to tracking expenses and budgeting income, while a second app, Cardniu, facilitates automated credit card management.
The company claims the two apps have clocked more than 300 million downloads between them. The capital will support further expansion efforts in China.
Fosun RZ Capital, the corporate venturing arm of Fosun then known as Fosun Kinzon Capital, backed Suishou’s series B round in 2014 alongside Sequoia Capital, according to China Money Network. Deals database PitchBook puts the amount at $10m and also lists Source Code Capital as an investor.
Suishou raised an eight-figure dollar sum in a 2013 series A round featuring Sequoia, according to China Money Network. PitchBook names enterprise software developer Kingdee International Software Group as an investor in the round and places the amount raised at $15m.
Gu Feng, chief executive of Suishou, said: “We are very excited to work with a high-calibre partner like KKR, which shares our vision for growth and can leverage its experience in China and the financial services and technology industries to support our expansion.
“The Suishou team is excited to build on our success as China’s most-used personal finance management platform and enhance the lives of hundreds of millions of users who increasingly seek solutions to manage their budgets and achieve financial independence.”