China-based financial mobile app Tongbanjie has raised close to $50m in a series B round featuring a corporate venturing subsidiary of research and media group IDG, China Money Network reported on Tuesday.
Legend Capital, the corporate venturing arm of conglomerate Legend Holdings, led the round, while China Growth Capital also participated.
Tongbanjie is a personal finance mobile app, through which users can purchase, check and redeem financial products based on needs and risk-taking capabilities. The company has over 5 million registered users, and will use the new funds will for product development and marketing.
Tongbanjie raised $10m a December 2013 series A round led by IDG Capital Ventures, after receiving seed funding from China Growth Capital in January the same year.
– Image courtesy of Tongbanjie