China-based electronic billing software producer Baiwang has raised RMB517m ($77m) in a series A round led by e-commerce firm Alibaba, TechWeb has reported.
Alibaba invested $47.2m to lead the round, while internet group Tencent provided an additional $29.8m. Baiwang has however told another online publication, Sina Tech, that the amounts are inaccurate, without offering additional details.
Founded in 2015, Baiwang has developed cloud-based software that enables financial institutions, insurance firms, real estate developers, retail outlets and e-commerce companies to use digital invoices and documents instead of paper statements.
The company provides tax control, invoice management and invoice supply chain coordination services to customers such as insurance group PingAn and financial services firms Industrial and Commercial Bank of China and Agricultural Bank of China.
The series A capital will be allocated to research and development for additional products, and to the expansion of Baiwang’s big data and financial technology offerings.