China-based campus information service Perfect Digital Technology has collected a RMB250m ($36.5m) investment from an affiliate of financial services provider Ant Financial, China Money Network reported yesterday, citing a regulatory filing.
The funding was provided by investment manager and Ant Financial affiliate Shanghai Yunxin Asset Mangement, which acquired a 30% stake in the business through the deal, valuing it at approximately $122m.
Perfect Digital runs an online platform that enables students in higher education and staff to find information about their school’s services as well as education and training opportunities, jobs and community projects.
The company was founded in June 2018 as a subsidiary of digital payment technology provider Newcapec Electronics, which retains a 60% share of the spinoff following Ant Financial’s investment.
Ant Financial, an affiliate of e-commerce group Alibaba, plans to help Perfect Digital grow by providing support in areas such as financial and credit support, in order to help it expand the range of services it offers.