Chinese venture capital firm F&G Ventures has led a RMB160 million (US$23 million) series B+ round in Bangsun Technology, a Zhejiang province-based real-time financial risk management start-up.
F&G Ventures is established in 2012 by former rotating CEO of Huawei Technologies, Steve Hong, and former partner of Fidelity Asia Yu Qian. A number of investors including Legend Capital and Co-Stone Capital also participated in the round, according to a company announcement.
Founded in 2010, Bangsun develops real-time risk control system for the financial sector and anti-fraud products, based on a number of core technologies including device fingerprint, proxy IP recognition, suspicious communication recognition, risk control engines, machine learning and workflow management.
It has provided services including payment anti-fraud, application anti-fraud, Internet lending, data service, robot defense and anti-money laundering for over 200 financial institutions, the company says. It currently has a team of around 300 people, and has offices in Hangzhou, Beijing, Shanghai and Shenzhen.
In 2016, Bangsun established a subsidiary Bangrui Technology, to provide risk management products for areas including ticketing, transport, telecom and public security.
The company previously raised a RMB22 million (US$3 million) series A round in 2015, and one year later, it received a RMB135 million (US$19 million) series B round led by Legend Capital.
It plans to use the latest proceeds to develop more real-time risk management products in financial industry, as well as to enhance its products and solutions.