LeEco has invested RMB180 million (US$27 million) in a series B round in Chinese financial technology start-up Lancai, the company announced during a press conference today.
Founded in 2013, Lancai provides flexible personal investment products targeted at urban white-collar office workers.
Its key product Lancaibao offers instant cash withdrawal, almost zero minimum investment threshold with annualized interest rate of 7.8%. In comparison, Chinese commercial banks offer 0.3% annually for demand deposit.
Lancai says it previously received RMB30 million series A funding from Legend Capital, and RMB50 million series A+ round from an investment unit of Shanghai Zhonglu Group and Legend Capital in 2015.
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