China-based personal credit rating provider Ximu Credit has closed a RMB102m ($15m) series A round that included Kinzon Capital, the venture capital firm sponsored by conglomerate Fosun, China Money Network reported yesterday.
The round was co-led by state-owned holding company China Merchants Group’s venture capital fund China Merchants Venture Capital Management, and Zhixin Capital, and included investment firms China Growth Capital and Chunxiao Capital.
Founded in 2014 by Lou Jianxun, previously a manager at Sesame Credit, part of e-commerce group Alibaba’s financial services affiliate Ant Financial, Ximu Credit makes use of big data to perform consumer credit risk analysis.
Proceeds from the series A round will be spent on research and development, and on growing the company by forming external partnerships. Ximu haad secured several million dollars in investment from Kinzon Capital in a previous fundraising, according to China Money Network.