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.