China-headquartered personal finance management platform U51 has raised $84m in series C+ funding from retail group InTime Commercial and asset manager Harvest Global Investments, China Money Network reported today.
U51 operates an online platform that enables users to manage their credit card bills and payments, utilise wealth management services and access loans. It claims to have more than 70 million users.
The funding comes roughly a month after U51 received $310m from Xinhu Zhongbao, Tiantu Capital, FunCity, HG Capital, Guoxin Hongsheng Investment, Shenzhen Qianhe Capital and Angel Plus in a series C round that valued it at $1bn.
E-commerce group JD.com took part in the company’s $50m series B round in February 2015, which included venture capital firm GGV Capital and VC fund Shunwei Capital, and which was raised at a $300m valuation.
VC firm Meridian Capital China and angel investor Charles Xue had supplied U51’s initial seed funding, before Meridian Capital, investment and technology firm SIG and Crystal Stream Capital invested $15m in 2013.
The series C+ capital will go to expanding U51’s product offering and introducing new finance plans for users. The company also intends to set up a corporate venturing fund and to put money into strategic acquisitions.