China-based fintech developer QuantGroup has received RMB500m ($73m) in a series C round led by insurance provider Sunshine Insurance Group, China Money Network wrote today.
The round also featured Fosun Capital, the corporate venturing arm of conglomerate Fosun International’s subsidiary Shanghai Fosun High Technology, Guosen Hongsheng Investment, the investment subsidiary of financial services firm Guosen Securities, and other unnamed parties.
QuantGroup operates a financial services platform that offers consumer credit. The company says it serves more than 10 million users and processes $149m in transactions per month.
Sunshine Insurance and QuantGroup will collaborate on offering credit guarantees for insurance products. Fosun meanwhile hopes QuantGroup will be able to cooperate with other fintech portfolio companies.
QuantGroup, which emerged out of software company Microsoft’s accelerator program, previously raised an undisclosed amount in series B funding from Zhixin Capital, Star VC, Oriental Fortune Capital and other unnamed backers.
The company attracted an undisclosed amount in series A capital in 2014 from Fosun’s investment unit Kinzon Capital, Banyan Capital and China Growth Capital.