China-based online financial services provider Hairongyi has raised RMB200m ($29.5m) in a series A round that featured Haier Financial, a non-banking financial subsidiary of consumer electronics group Haier, China Money Network reported yesterday.
The round was led by Qingdao Ronghai Financial, the investment arm of Qingdao Ronghai State-Owned Asset Management, itself a unit of the state-owned asset management office of the Licang district of the city of Qingdao.
Founded in 2014, Hairongyi operates a financial services platform aimed at consumers and businesses. The platform includes products such as financial products management, big data analytics, investment and fundraising for enterprises, as well as advisory and credit risk management.
The company says it has 2.4 million registered users and has processed transactions worth a combined $5.4bn. The series A capital will allow Hairongyi to acquire unspecified regulatory licenses, hire more staff and expand its operations.
Haier has increasingly been focusing on the fintech sector. In June this year, the company inked a strategic agreement with the government of Shanghai to collaborate on fintech projects as well as smart manufacturing, smart home appliances, smart cities and smart supply chains.