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 transactions in the range of RMB100 billion (US$14.5 billion) annually, it says.
"Both Wacai and China Development Bank are dedicated to provide financial services to more small businesses and individual users. We hope to share with Wacai our experience and technology in the financial services industry, and cooperate closely on wholesale banking and retail financial products," said Zhang Jielong, managing director at CBD Capital, in the announcement.
In 2011, Wacai received angel investment of nearly RMB10 million ($1.6 million) from Chinese venture firm Ameba Capital. In 2013, the company received US$10 million series A investment from IDG Capital, and US$30 million series A+ from CDH Investments. One year later, Qiming invested US$15 million in another A+ round, according to information on the company's website.
In 2015, New Horizon Capital led a US$80 million series B+ financing round in Wacai, after the company completed a US$50 million series B round in 2014.