Alibaba affiliate Ant invests in Shanghai startup VFinance

REUTERS/Bobby Yip

Ant Financial Services Group, the payment affiliate of Alibaba Group Holding Ltd, has invested an undisclosed amount in Shanghai-based financial solution provider VFinance.

Through this strategic investment, VFinance has teamed up with Alibaba-backed online bank MYbank to provide fundraising products to micro-sized enterprises in China,  according to China Money Network’s report.

VFinance was created in 2013 to offer financial infrastructure solutions to Chinese enterprises in logistics, tourism, real estate and retail sectors. The latest movement is the launch of UniFin strategy by providing the financial infrastructure services and integrating enterprises from different industries and from upstream to downstream.

The main product is VFinance Wallet that allows enterprises to make transaction via WeChat, UnionPay and Alipay.

The startup claims that it currently has over 60 enterprise customers across 10 industries, including 30 listed firms in domestic and overseas. Previously, it raised series A from IDG Capital in 2013 before closing series A+ from IDG and Yunqi Partners. It has not given any financial detail for all its fundraising rounds.

Also read:

Ant Financial’s Alipay merges with Lazada’s helloPay in consolidation move

Ant Financial said to be considering higher offer for MoneyGram

It’s banks versus Alibaba in digital payments turf war in Southeast Asia

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.