China: QianCheng Tech closes $30m series B; DotC United raises $350m

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Shanghai-based fintech firm QianCheng Technology and Hong Kong-based mobile app developer DotC United have close their series B funding rounds.

Chinese fintech firm closes $30m series B

Shanghai-based fintech company QianCheng Technology has secured RMB200 million ($30 million) in a series B round from Tiantu Capital and

AVCJ’s report cited that the transaction was completed in April.

Founded in 2015, QianCheng Technology has provided intelligent risk management solutions to financial institutes to help them lower cost and improve service efficiency.

It also offers internet short-term micro-finance information services to people who cannot access traditional financial institutes.

The company cited that more than 70 per cent of its employees are developers and the core members are from Tencent, Capital One and Lufax.

DotC United raises $350m series B

Hong Kong-based mobile app publisher and developer DotC United Inc has raised a $350 million series B round led by Shenzhen-listed gaming developer Dalian Zeus Entertainment.

This round has increased the company’s valuation up to $5.1 billion, according to the information from Crunchbase.

A year ago, it completed its series A funding round of RMB300 million ($45 million) from a group of investors including Banyan Capital, Chengwei Capital, Morningside Ventures, BAI and Lightspeed China Partners.

Dotc United Inc was launched in 2015 by Avazu Holding. It has developed several smart tools such as SwiftWiFi and Flash Keyboard. The company has differentiated itself by offering high-customised apps and it claims to have 50 million users on Google Play so far.

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