Tiger Brokers, a China-based online brokerage backed by electronics producer Xiaomi, has completed an $80m series C round that valued it at $1.06bn, the South China Morning Post has reported.
The round was co-led by Prospect Avenue Capital, private equity firm Orient Hontai Capital and investment management firm Oceanpine Capital, and follows an investment of undisclosed size by digital brokerage Interactive Brokers Group in September 2017.
Tiger Brokers runs an online brokerage service allowing Chinese investors to trade stocks for companies listed in the US, Hong Kong and their home country, enabling customers to diversify their holdings.
Wu Tianhua, founder and chief executive of Tiger Brokers, said the funding will go to research and development and recruitment, as the company looks to build an international asset allocation platform.
Tiger Brokers had raised $59m in funding prior to the Interactive Brokers Group investment, initially securing $15.7m in a 2015 series A round featuring Xiaomi.
Citic GoldStone Fund Management, Huagai Capital, ZhenFund and China Renaissance K2 Ventures provided $29m of series B funding for the company in January 2017, before China Growth Capital led its $14m series B-plus round two months later.