Tiantu Capital and Shanghai-listed Chinese investment and trading firm Xinhu Zhongbao Co., Ltd. have led a US$310 million series C round of financing in U51.com, a credit card and online financial services mobile app.
An investment vehicle run by Kuaidi Dache co-founder Cheng Weixing, HG Capital and Shenzhen Qianhe Capital also participated in the round, which values the company at US$1 billion, the company announced in a press conference yesterday.
Founded in 2012, U51.com, also known as 51Xinyongka, helps users manage their credit card bills, invest in wealth management products, apply for online loans and provide other personal credit-based financial services.
The company claims to have over 70 million users and manages over 30% of the overall active credit card users in China.
It has achieved monthly revenue of over RMB100 million, and expects to record over RMB1 billion annual revenue this year, it said during the conference.
In 2015, the company received US$50 million series B financing led by GGV Capital, with participation from JD.com and Shunwei Capital, according to its website.
Earlier backers include Singapore’s SIG and Meridian Capital China.