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Singapore’s state investment firm Temasek Holdings, Chinese investment firm Tiantu Capital and Xindahanshi Capital have led a US$72.8 million new funding round in Tongdun Technology, a Chinese fintech start-up specializing in risk control.
Founded in 2013 and headquartered in Hangzhou, Tongdun provides risk management solutions based on artificial intelligence and big data technology targeting industries, such as banking, non-bank microfinance, insurance, funds, payment, gaming, social networks and live video streaming.
The company has offered risk management services to over 7,000 institutions in China. It has also provided risk management, anti-fraud and differential pricing of insurance products services for over 20 insurance companies, according to a company announcement.
Tongdun previously raised a US$32 million series B+ round led by Advantech Capital in April last year. One year prior, it received a US$30 million series B round led by Qiming Venture Partners.
In 2014, it completed a nearly US$10 million series A round from IDG Capital, CBC Capital and Linear Venture. The firm also raised an angel round worth tens of millions of RMB in 2013 from China Growth Capital and IDG.
Tongdun plans to use the latest proceeds to invest US$100 million in research and development. It will also expand its business by partnering with overseas fintech companies.