Harvest, Intime Inject $84M In Credit Card Management App U51

Chinese asset manager Harvest Global Investments and retail giant Intime Commercial (Group) Ltd. has invested a combined US$84 million in a series C+ round in U51.com, a credit card and online financial services mobile app.

The round came just one month after the start-up raised a massive US$310 million in a series C round from Tiantu Capital and Shanghai-listed Chinese investment and trading firm Xinhu Zhongbao Co., Ltd. in September.

Founded in 2012, U51.com, also known as 51Xinyongka or 51CreditCard, plans to use the proceeds to expand product lines and market share, launch new credit card plans, as well as establishing its own industry investment fund with hundreds of millions RMB to make acquisitions.

The company claims to help 70 million users manage their credit card bills, invest in wealth management products, apply for online loans and provide other personal credit-based financial services.

U51.com’s chief executive Sun Haitao told Chinese media that the company has reached monthly revenues of over RMB100 million and expects to reach annual revenues of over RMB1 billion in 2016.

The company previously raised venture funding from GGV Capital, Qianhe Capital, Guosen Venture Capital and other investors, according to its website.