Technology and trading firm Susquehanna International Group (SIG) has co-led an $80m series C round for China-based credit assessment technology provider Wecash, China Money Network reported yesterday.
The round was co-led with China Merchants Venture Capital Management, the venture capital branch of state-owned holding company China Merchants Group, and private equity firm Forebright Capital.
Investment firms Dongfang Hongdao Capital and Lingfeng Capital also participated in the round.
Wecash uses big data technology to provide advanced credit scoring services to businesses and individual consumers. It claims more than 80 million users and has partnerships in place with about 30 financial institutions.
The series C round will support the introduction of an online lending service that will utilise Wecash’s credit scoring technology to source reliable borrowers. It also intends to grow its partnership network and expand further in Latin America, having entered Brazil in 2016.
IDG Capital, the Chinese VC firm affiliated with media company International Data Group before helping to buy it out last week, had provided approximately $6.6m in series A funding for Wecash in 2014, before SIG led its $20m series B round in 2015.
– Image courtesy of Wecash