IDG CreditEase Financial Innovation Fund will invest in Chinese financial technology start-ups with a focus on microcredit, risk management and online payment.
The fund plans to invest up to RMB1 million per investment to companies in the seed to early and medium stages.
IDG Capital will manage the joint fund.
Chinese personal finance and bookkeeping app Wacai.com received around US$10 million from this fund.
In April 2010, CreditEase received around US$10 million investment from KPCB. In 2011, IDG Capital and Morgan Stanley Private Equity Asia (MSPEA) established a strategic partnership and invested around US$10 million in CreditEase together with KPCB.
With this joint fund, CreditEase, as an investor and service provider, is deepening its partnership with IDG Capital.