Broadband, CICC Lead $50M Series B Round In Bookkeeping App Wacai

Hangzhou-based Chinese personal finance bookkeeping and management app maker Wacai has received US$50 million series B financing led by China Broadband Capital and China International Capital Corporation (CICC), according to its official Weibo account.

Existing investors IDC Capital, CDH Investments and Qiming Venture Partners also participated.

Founded in 2009, Wacai received angel investment of approximately RMB10 million ($1.6 million) from Ameba Capital in 2011.

In 2013, the company received US$10 million series A investment from IDG Capital, and US$30 million series A+ from CDH Investments. In 2014, Qiming invested US$15 million in another A+ round, according to information on the company’s website.

Wacai says it plans to use the latest proceeds on developing more innovative products, marketing and building up its big data infrastructure.

Wacai’s mobile apps provide personal bookkeeping and wealth management products for Chinese individual investors. The app has 80 million registered users as of July, 2014.

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