JBH Jubao Interconnection Technology, an online financial services spinout of China-based conglomerate HNA Group, has raised $200m in a series A round led by private equity firm RRJ Capital, Asian Venture Capital Journal reported today.
The round included financial services provider Henan Xinrongji Financial Holding and additional China-based investors whose identities remain undisclosed.
JBH was formed by HNA in May 2014 and provides high-yield investment products to customers through an online platform.
The company has more than 12 million users and RMB3bn ($435m) in registered capital, but is relatively small compared to, for instance, Ant Financial, the financial services platform launched by e-commerce firm Alibaba that reportedly has more than 400 million users.
The funding will support an expansion of JBH’s services into sectors such as microfinance, crowdfunding, credit rating services and third-party payments.