Wacai, a Chinese personal finance app developer, has raised approximately $10m from IDG Capittal Partners, the corporate venturing unit of the IDG research group, in a series A round. The company has raised approximately $11.6m to date.
According to the technology trade press, the company has developed two products including a bookkeeping service called Wacai and a credit card manager. The bookkeeping app, launched in late 2009, claims to have 40 million users. According to Technode, in July a mutual fund trading feature was added to its product offering. This launch was near the time when Alipay, Alibaba’s online payments service launched a “Balance Keeper” for investing in mutual funds on Alipay’s platform. It also supports other Alipay services including online payments and money transfer.
The credit card manager was launched in April of this year, which is expected to see growth as China’s credit card usage steadily increases. Other deals in the sector include Sequoia Capital China’s $10m in Kaniu, also a credit card management app, that was brought on the market in 2012. Wacai and its investors are not alone in eyeing the growing credit card usage in China.