China-based financial planning advice provider Xiaobangguihua secured RMB200m ($28.4m) yesterday in a series B round led by internet group Tencent and backed by reinsurer Reinsurance Group of America (RGA).
The round was filled out by venture capital firms BlueRun Ventures and Sequoia Capital China.
Founded in 2015, Xiaobangguihua provides financial planning education courses which combine human consultants and artificial intelligence technology to advise customers on how to handle insurance, investments, wealth management and other financial considerations.
The curriculum has so far been completed by approximately 500,000 people, catering to families who earn roughly between $14,000 to $140,000 per year, through a number of distribution channels including Xiaobangguihua’s WeChat account and various third-party companies.
The series B proceeds will help Xiaobangguihua strengthen its core platform while also enhancing its educational materials and improving the overall user experience.
The company also plans to expand its offering by introducing one-on-one consultations for clients who are particularly interested in purchasing insurance, building on an insurance policy recommendation service it offers through WeChat and a standalone app.
RGA and Sequoia Capital China supplied a seven-figure dollar sum for Xiaobangguihua in a November 2018 series A round that followed an angel investment of undisclosed size from BlueRun Ventures, according to China Money Network.