CDB Capital Leads $42M Round In Chinese Fintech Firm Wacai

China Development Bank Capital, an investment unit under China Development Bank, has led a US$42 million strategic investment in Chinese financial technology firm Wacai.

Chinese investment firms CBC Capital, New Horizon Capital, Qiming Venture Partners and Ally Bridge Group also participated in the financing round, the company announced today. Today's investment brings the company's total fundraising to over US$200 million cumulatively.

Founded in 2009, Hangzhou-based Wacai initially carved a niche for itself as a personal finance bookkeeping, wealth management app. It has expanded to other personal finance areas including personal credit and debt management, credit card management, and online personal finance community management.

The company has cumulative users of 160 million and has facilitated wealth management product transac...

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