Xiamen city, Fujian province-based Chinese Internet finance firm Shicaidai.com has received US$16 million series A financing from Ruo Shui He Tou, a Chinese venture organization, according to Chinese media reports.
The investment is part of a strategic partnership being established between the two entities.
Founded in 2014, Shicaidai.com provides P2B (person to business) Internet financial products including loans and wealth management products.
Numerous Chinese Internet finance start-ups have received venture backing. Last December, Shanghai-based financial service provider DianRong received tens of millions U.S. dollars from Northern Light Venture Capital.
In January, Beijing-based P2P (peer to peer) lending platform Renrendai.com raised US$130 million in series A funding led by Trustbridge Partners.
In February, Shanghai-based P2P lending firm Ppdai.com received tens of millions U.S. dollars series B funding from Sequoia Capital, after getting US$25 million series A from Sequoia in September 2012.