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 and education.
The company claims that it has over 80 million users, and has partnered with 30 financial institutions in different industries including communications, consumer electronics, agriculture, medical care, property rental, cars, insurance and tourism. The firm established a research center in Silicon Valley in 2015, and expanded its operations into Brazil in 2016.
Wecash previously raised a US$6 million series A round from IDG Capital in 2014, and completed a US$20 million series B round led by SIG in 2015.
The company plans to use the latest proceeds to develop an artificial intelligence-enabled lending system that provides customer information and risk control tools for financial institutions, expand its partnership network, and further expand its businesses in Latin America.