IDG, CDH Investments Participate In Series A Round For App Maker Wacai

Hangzhou-based Chinese personal finance bookkeeping and management app maker Wacai says the company has received around US$10 million series A financing from IDG Capital Partners and CDH Investments.

In 2011, the company obtained angel investment of around RMB10 million ($1.6 million) from Ameba Capital.

Wacai’s mobile apps provide personal bookkeeping and wealth management platforms for Chinese individual investors. The app currently has over 40 million registered users.

The company says it will use the proceeds to expand its team and broaden partnerships, as well as exploring new online finance products.

(Update on July 16, 2015): Wacai received US$30 million series A+ from CDH Investments in October 2013, according to information on the company’s website.

China Expert Network