China-based payment services provider Lakala Payment intends to raise RMB1bn ($141m) for a strategic investment fund that will target financial technology developers, DealStreet Asia reported today.
Founded in 2005, Lakala offers third-party payment services to businesses, and has branched out into other financial segments such as consumer lending and wealth management services. It floated on the Shenzhen Stock Exchange in April this year.
The company will put up approximately $42.4m in capital for the fund, according to a regulatory filing seen by DealStreetAsia.
State-backed investors Beijing Science & Technology Innovation Fund and Zhongguancun Science Park Haidianyuan Innovation Service Center will each provide a further $21.2m for the vehicle.
The fund will invest in developers of fintech products that utilise technologies like big data, artificial intelligence, cloud computing and the blockchain, serving both customer and business-facing companies.
Lakala already operates Lakala Kaola Fund, an investment fund linked to its Koala Credit rating system. The new fund will be operated by the same manager, according to DealStreetAsia.
