Jinfuzi, the China-based wealth management platform backed by social media network Renren, has raised RMB172m ($25.6m) in pre-series D funding.
Private equity firm Loyal Valley Capital led the round, which included investment firm QiCheng Equity Investment Management.
Founded in 2012, Jinfuzi has developed an online investment platform that sells wealth and asset management products on behalf of private equity, hedge funds and overseas funds.
The company, which has sold products to more than 400,000 high net worth individuals, will use the funding to develop its enabled investment system and expand its customer service network.
The round comes after Chunxiao Huishang Equity Investment led a $15m series C1 round for Jinfuzi in 2018, adding to a nine-figure renminbi amount of series C funding, in a round led by Shenzhen-listed investment holding company Huaxi Holding earlier the same year.
Renren led Jinfuzi’s $50m series B round in 2015, investing alongside venture capital firm Sequoia Capital, which had backed the company’s $10m series A the previous year.