China’s Sina invests $30m in fintech firm Shuhe Technology

Shanghai-based fintech firm Shuhe Technology has secured a $30 million Series B funding from local Internet major Sina, per a company announcement.

Sina said that it decided to invest in the fintech firm after witnessing healthy growth in the market for such services and the solid business capabilities and steady development potential of Shuhe.

The duo will collaborate in the areas of data, traffic, technology and products in the future, Shuhe said.

“This financing will significantly promote the development of Shuhe Technology in the local fintech market, enhance the operational efficiency of data and technology within the company, and improve the services for our credit card holders. We will jointly establish an expandable cooperation model to provide users with appropriate, convenient and efficient inclusive financial services under prudent risk control,” said Shuhe CEO Xu Zhigang.

Founded in August 2015, Shuhe has more than 25 million registered users and recorded over 6.6 million transactions. The firm is a unit under outdoor advertising network Focus Media. It also counts Sequoia Capital as an shareholder, according to its website.

Sina, which operating China’s most popular social media platform Weibo, recorded a 26 per cent year-on-year increase in revenue in the third quarter of 2018, reaching $554.6 million. By September 2018, the number of monthly active users on Weibo jumped by about 70 million users from the same period of 2017 to 446 million, 93 per cent of whom were on mobile.

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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.