Shenzhen-based supply chain financial services provider Linklogis has raised a RMB200 million (US$29 million) series B round from Tencent Holdings Ltd., China Merchants Venture Capital Management Co., Ltd. and Bertelsmann Asia Investments.
Existing investor CITIC Capital and Loyal Valley Innovation Capital also participated in the round, according to a company announcement.
Chinese micro and small-sized enterprises are usually overlooked by China's official banking system. As of 2016, those companies accounts for 60% of the GDP in China, 85% of the job opportunities and 50% of the country's tax revenue. However, over 50% of the firms are getting loans from private money lenders that charge exorbitant interest rates.
Founded in 2016, Linklogis' mission is to help fill the financing needs for this group of enterprises. The company pro...
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