AAA U51 sinks $310m in series C funding

U51 sinks $310m in series C funding

U51.com, a China-based credit card management platform backed by e-commerce firm JD.com, has closed a $310m series C round, Sinocast reported yesterday.

Real estate-focused asset management firm Xinhu Zhongbao and venture capital firm Tiantu Capital co-led the round, which reportedly valued U51 at $1bn.

The round also included FunCity, an investment vehicle for Kuaidi Dache co-founder Chen Weixing, as well as HG Capital, Guoxin Hongsheng Investment, Shenzhen Qianhe Capital and Angel Plus.

Founded in 2012 and also known as 51Xinyongka, U51 has developed an app that enables users to manage their credit card accounts, viewing bills and statements and making payments.

The app has 70 million active users, according to U51 chief executive Sun Haitao, and the company expects its revenue to top RMB1bn ($150m) this year.

U51 raised $50m in a February 2015 series B round led by GGV Capital that included JD and Shunwei Capital, and which valued the company at $300m.

The series B round followed $15m of series A and A+ funding from SIG, Crystal Stream and Meridian Capital China in 2013, and an undisclosed amount of seed funding from Meridian Capital China and angel investor Charles Xue the year before.

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