China-based financial software developer Tengyin Caizhi has secured more than RMB100m ($15.4m) in series A-plus funding from internet group Tencent, DealStreetAsia reported yesterday.
Tengyin provides software that helps companies bolster their branding and marketing on Tencent’s WeChat social media platform. The capital will go to research and development and recruitment activities.
Venture capital firm Gaorong Capital had supplied an undisclosed amount of series A funding for Tengyin in January 2020 and is now its second largest shareholder, according to a WeChat post cited by DealStreetAsia.
The company’s largest shareholder, online brokerage QTrade, reportedly owns a 90% stake while Tencent’s stake is sized at approximately 3%.
