Ant Financial, the financial services affiliate of e-commerce group Alibaba, has invested an undisclosed amount in China-based digital finance technology developer VFinance, China Money Network reported on Wednesday.
Founded in 2013, VFinance provides software that enables businesses in sectors such as logistics, tourism, real estate and retail to set up digital finance mechanisms such as payment and fundraising.
One of those aforementioned tools is VFinance Wallet, which clients can use to execute payment transactions through third-party platforms like WeChat, UnionPay and Alipay.
Ant Financial’s online banking subsidiary, Mybank, has formed a strategic partnership with VFinance as part of the deal. They will jointly offer payment clearance, fundraising and investment services to small businesses.
Zhu Chao, Ant Financial’s head of corporate development, said: “With this strategic investment Ant Financial and VFinance will together develop financial inclusion services across industry chains and across financial business cycles,” said .
IDG Capital, then an affiliate of IT media firm International Data Group, supplied an undisclosed amount of funding for VFinance in 2013 before joining venture capital fund Yunqi Partners for a series A+ round, also of undisclosed size, the following year.