China Merchants Venture Capital Management Co., Ltd., the venture unit of China Merchants Group, Forebright Capital, a former investment unit of China Everbright Ltd. and venture firm SIG have led a US$80 million series C round in Wecash, a Beijing-headquartered big data-based credit assessment company.
Two other Chinese investment firms, Dongfang Hongdao Capital and Lingfeng Capital, also participated in the round, according to Chinese media reports.
Founded in 2013, Wecash provides credit evaluation services to consumers and businesses. It allows users to submit personal information via its mobile app and receive a credit assessment within three minutes. The company has also partnered with financial institutions to provide customers financial services based on their credit reports, including installment payments, loans, car rental, tourism...
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