Renren Leads $50M Series B Round In Jinfuzi

Chinese online wealth management firm Shenzhen Jinfuzi Network Technology Co., Ltd. has completed US$50 million series B round of financing led by New York Stock Exchange-listed Chinese social networking firm Renren Inc., according to an announcement posted on the company’s Weibo account.

Existing investor Sequoia Capital also participated.

Founded in 2012, Jinfuzi raised around US$10 million series A financing from Sequoia in December 2014, according to its website.

Shenzhen-based Jinfuzi sells wealth management products including mutual funds, trust and asset management products, via its website and mobile apps geared toward retail investors.

It claims aggregate value of wealth management products sold on its platforms reached RMB10 billion (US$1.61 billion) in January, 2015.