Chinese big data-powered fintech start-up WISECO Technology announced last week that it has secured RMB650 million (US$94.08 million) in a series A round of financing led by Chinese investment companies Huading Capital and Sino-Ocean Group.
Chinese early-stage venture capital firm China Growth Capital, Shenzhen-based Green Pine Capital Partners, and the company’s existing shareholder, Boya Capital Partners, also participated in the new round, said WISECO Technology in a statement released on its website.
WISECO Technology was founded in 2014 to provide credit risk intelligent management, intelligent decision-making, one-stop cloud service, intelligent collection, analytics and consulting services, and intelligent diversion products. The Beijing-based company has served over 100 financial institutions like banks, fintech companies, peer-to-peer (P2P) platforms, e-commerce enterprises, and retailers.
Proceeds will mainly be used for the research and development of technologies and products, and explore more applications to lift user experience. The company will also use part of the proceeds to recruit more talent in the fintech field, said the company’s chairman of the board Chen Jian in the statement. Chen added that the company seeks to help "solve the problem of financial information asymmetry" in the trillion-dollar consumer finance market.
WISECO Technology raised RMB100 million (US$14.47 million) in a series pre-A round from Chinese marketing strategies provider iPinYou, private equity firm Huagai Capital, and financial self-help equipment developer Santai Holding in July 2018.