Xiaobangtouzi.com, a Beijing-based wealth management consulting service provider, has raised millions of U.S. dollars in its series A financing round from Sequoia Capital China and U.S.-based reinsurance giant Reinsurance Group of America (RGA), according to Chinese media reports.
Founded in 2017, Xiaobangtouzi provides family wealth management services, insurance planning and investment management. Its focus are China’s new middle class families with annual income between RMB100,000 and RMB1 million (US$14,400 – US$144,000).
Based on intelligent algorithms and big data, the company’s platform provides personalized wealth management consulting services according to their needs and specific family situations.
The company has provided consulting services for more than 4,000 families up to now, according to information on its official website.
The company’s founder Xu Bin graduated from Harvard University and previously worked at Deutsche Bank and Morgan Stanley. His online teaching courses on wealth management is ranked top 1 in the “Financial/Property” category, according to Chinese content payment provider Xiao-e Tech.
“Xiaobangtouzi attracts users through media content and financial knowledge education curriculum, establishing tight relationships with users in the process. This helps the company achieve high conversion rate and customer satisfaction,” said a representative of Sequoia Capital China.
Proceeds of this round will be used on recruitment, marketing and technology investment.
The company previously raised tens of millions of U.S dollars from investors including BlueRun Ventures, according to its website with no details disclosed.