Chinese internet trust service firm Zhongshunyi Financial has raised nearly RMB300 million (US$44.67 million) in a series A+ round of financing from its founding shareholders and Chinese investment bank Bojiang Capital, said Zhongshunyi Financial in a statement released on Wednesday.
Part of the new investment came from the founding shareholders of Zhongshunyi Financial, including Chinese investment management firm CITIC Trust, delivery services provider SF Express, and internet technology company NetEase. Another part was injected by Bojiang Capital.
Zhongshunyi Financial, formally known as Shenzhen Zhongshunyi Financial Services Co Ltd, was founded in May 2015 in Shenzhen, China. The company has developed over 20 platforms to deliver various fintech services, and financial app and platform architectures based on big data, cloud computing, risk control and management, and other technologies.
"Xinzhangbao," a comprehensive internet trust account management system operated by Zhongshunyi Financial, provides corporate and individual clients with one-stop services, including registration, custodial safekeeping, settlement, risk management, appreciation, and information disclosure of their capital, assets and equity. Up to now, the company has recorded nearly RMB50 billion (US$7.44 billion) in cumulative transaction volume since 2016.
Proceeds will be used for the in-depth development of its core product "Xinzhangbao," and the expansion of relevant businesses.
The company’s financial service unit, Zhongshunyi Capital, led a RMB100 million (US$14.88 million) series A round in Beijing Xiannongshi Organic Agriculture Technology Co Ltd in April 2018. The investee is a Beijing-based company that develops unmanned rice mills and engages in production and sales of rice.