China Reform Fund Management Co.,Ltd, a private equity firm backed by China Reform Holdings Corporation Ltd and other central state-owned enterprises, has led a RMB1 billion (US$159 million) series C round in 100Credit, a fintech start-up that uses big data to provide credit services.
Existing investor Sequoia Capital China also participated in the round, according to 100Credit’s announcement on its official WeChat account.
The firm provides its users with products and services that allow them to manage the lending process across the whole life-cycle of a loan agreement. In addition, it provides products and services that help insurance companies conduct precision marketing, manage their existing customer base and tailor their products and services. The company was founded in 2014 by Zhang Shaofeng, who previously founded Baifeidian Group, a provider of big data and AI products and services.
100Credit said it will use the proceeds of the new round to recruit talents, update hardware in its AI lab, research and development efforts in AI, big data and blockchain related products, and to increase investments in financial risk management products, according to Zhang.
Previously, 100Credit raised a combined of RMB700 million (US$111 million) in Series A and B rounds from China International Capital Corporation (CICC), Hillhouse Capital Group, Sequoia Capital China, IDG Capital and Union Mobile Financial Technology Co., Ltd. (UMF).
With the new round, firm has raised RMB1.7 billion (US$270 million) in total.