Marathon Venture leads $6.4m round in HK fintech firm Lion Rock

Marathon Venture Partners has led a $9.4-million funding round in Hong Kong fintech company Lion Rock Fintech Ltd, the company said in a statement.

9F Inc, the strategic investor who backed Lion Rock’s previous round of financing, also invested in this round. The NYSE-listed fintech company Yirendai participated as a new strategic investor.

The transaction is subject to approval from the Hong Kong Securities and Futures Commission.

Upon completion, Lion Rock will own Noble Apex Advisors Ltd, a SFC licenced company. Noble Apex operates iFund, an online fund distribution platform that offers over 1,000 mutual funds from over 50 different asset management companies.

Lion Rock aims to expand iFund as a leading online fund distribution platform.

Lion Rock will also operate lionfin.com, a financial media platform providing real-time financial information and comprehensive wealth management information.

iFund founder Dr. Chan Mou-fung, will be chairman of the board of directors of Lion Rock after the completion of this transaction.

“The strong support from the investors and strategic partners will enable us to integrate finance, technology and media resources, making us stronger and more powerful,” Chan said.

Although Hong Kong is considered a major international financial centre, it is lagging behind when it comes to fintech development.

In fact, despite its enormous fund sales market, which reached $62 billion and expected to exceed $100 billion in 2017, Hong Kong’s fund distribution is dominated by traditional banks whereas the proportion of online distribution is extremely small.

Both fund houses and investors are expecting a sophisticated online financial services platform to serve a bigger role in a fintech-enabled future.

iFund disclosed it will integrate online and offline resources and reshape the traditional financial services model with technologies innovations.

Also Read:

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Philippines: Japan’s SBI Investment leads $2.3m series A in tech startup Venteny

Bank Indonesia bans fintech firms from using cryptocurrencies in payments

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.