China-based enterprise financial management software provider Hsuanzhang has raised RMB200m ($31.6m) in a series B2 round led by smartphone manufacturer Xiaomi, China Money Network reported on Friday.
The round also featured 51Xinyongka Industrial Fund, an investment vehicle established by financial and investment management app provider 51Xinyongka.
Founded in 2014, Hsuanzhang operates a mobile financial management platform that enables small and medium-sized enterprises to perform duties such as company registration, bookkeeping and tax planning in a single place.
The app has secured more than 300,000 paid users. The cash will be used to grow Hsuanzhang’s business, and for the development of big data functionality that will make the app better equipped handle financial services in the future.
Hsuanzhang received $31m in series B1 funding in an October 2017 round that included financial services group CreditEase as well as the Tsinghua University-backed THG Ventures and venture capital group IDG Capital according to China Money Network.
The company had previously secured an eight-digit renminbi (RMB10m = $1.45m) sum from the Chinese state-backed National Small and Medium-Size Enterprises Development Fund in March 2017, after attracting $22m in series A capital from IDG, China Soft Capital, Jiaxing Lingchuang Fund and Chuanrong Capital three months earlier.
– Image courtesy of Hsuanzhang