IDG Capital Leads $60M New Round In US Payment App Circle

IDG Capital Partners had led a US$60 million new strategic financing round in U.S. payment app Circle, with an aim to help the company expand in China.

Breyer Capital, Baidu Inc., CICC Alpha, China Everbright Ltd., Chinese auto parts maker Wanxiang Group Corporation and Internet finance firm CreditEase also participated in the round.

The company also announced the establishment six months ago of Circle China, a new Beijing-based company focused on bringing blockchain-powered social payments to Chinese consumers.

"Blockchain technology will play a critical role in transforming the global financial services industry," says Joseph Liang, chairman and CEO of CICC Alpha, a direct investment platforms of CICC.

Social payments as a category started in China, and has enormous scale. Messaging and payments, P2P (peer-to-peer) lending and novel forms of saving and investment are accelerating at an incredible pace in China, outpacing the West, says an announcement.

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