Fintech, Investment, Tech, Venture Capital

Xiaomi-backed Online Stock Brokerage Start-up Tiger Brokers Completes $80M Series C Round

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Xiaomi-backed online stock brokerage start-up Tiger Brokers announced that it has completed a US$80 million series C round from Prospect Avenue Capital (PAC), Orient Hontai Capital and Oceanpine Capital.

The company said its post-money valuation has reached US$1.06 billion, making it the latest fintech unicorn.

Founded in 2014 by Wu Tianhua, a former developer at NetEase, Tiger Brokers allows Chinese investors, at home and abroad, to trade stocks in the U.S., Hong Kong and mainland China market via the stock connect scheme between Hong Kong and mainland stock exchanges. It offers lower financing costs and commission fees to attract investors.

It also has an online community for investors to share information and trading experience. The company facilitated trade volumes worth RMB120 billion (US$18 billion) and RMB500 billion (US$75 billion) in 2016 and 2017 respectively.

“We are proud to participate in Tiger’s latest financing," said Liao Ming, founding partner of PAC. "The company is recognized as one of the leading Fintech companies in the industry and thanks to its internet genes and R&D ability, the company has secured a relatively high market share and is developing rapidly.”

The proceeds of this round will be used to improve Tiger’s technology infrastructure, strengthen its talent pool, and accelerate the development of an all-in-one global asset allocation platform, said founder Wu.

In 2017, it raised a RMB100 million series B+ round led by China Growth Capital. In 2016, it raised a RMB200 million series B round led by HG Capital. In 2015, it raised a RMB100 million series A round from Xiaomi Inc.

Its other investors include Zhen Fund, Meituan Dianping’s founder Wang Xing, K2VC, and Wall Street billionaire investor Jim Rogers.

 


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