China-based financial technology developer Shuhe Technology has closed a $30m series B round led by media company Sina Corp.
Shuhe launched in 2015 as a financial news platform that provided daily updates through a mobile app called Latte Finance, as well as through an account on messaging platform WeChat.
The company has since expanded to create additional services such as Huanbei, a smart credit service that enables users to pay for goods in instalments. It has more than 25 million registered users and has recorded more than 6.6 million transactions to date.
Shuhe CEO Xu Zhigang told DealStreetAsia: “This financing will significantly promote the development of Shuhe Technology in the local fintech market, enhance the operational efficiency of data and technology within the company, and improve the services for our credit card holders.
“We will jointly establish an expandable cooperation model to provide users with appropriate, convenient and efficient inclusive financial services under prudent risk control.”
The company raised $52m in a 2017 series A round backed by financial services firm China Cinda (HK) Holdings, asset management firm Noah Holdings and Sequoia Capital China, the regional subsidiary of venture capital firm Sequoia Capital.
The 2017 capital added to a $15m investment the company had received from outdoor advertising space provider Focus Media the previous year.