SBCVC Joins $30M New Venture Round In Gongzi Qianbao

SBCVC has participated in a RMB200 million (US$30 million) venture round in Gongzi Qianbao, a mobile Internet financial services product helping companies and staffers manage salary payment and other personal financial services needs.

According to an announcement, Shanghai-based Gongzi Qianbao previously raised an undisclosed strategic investment from SBCVC in September 2015.

"The company has become a platform frequently visited by salaried employees because it provides information on their social security accounts, benefits, account balance and other key financial data," says Zhou Ye, a partner at SBCVC.

Gongzi Qianbao, which means salary wallet in Chinese, also aggregate these key personal financial data for the purpose of assessing an employee’s credit worthiness, which can be used for a wide array of financial services such as mortgages.

The start-up is one of many enterprise services companies backed by venture capital in the past year or so, as the sector is increasingly favored for its sustainability.

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