Chinese online stock brokerage startup Tiger Brokers announced that it has closed an $80-million Series C round at a valuation of $1.06 billion, making it the latest unicorn startup in China.
The round was joined by Prospect Avenue Capital (PAC), Orient Hontai Capital, Oceanpine Capital and others, said Tiger Brokers in an announcement today. The fresh capital will be used for product and technology research and development as well as talent expansion.
The startup also aims to accelerate the development of its all-in-one global asset allocation platform.
“We are proud to participate in Tiger’s latest financing. The company is recognized as one of the leading fintech companies in the industry and thanks to its internet genes and R&D ability, it has secured a relatively high market share and is developing rapidly,” said PAC founding partner Liao Ming.
Founded by former NetEase developer Wu Tianhua in 2014, Tiger Brokers claims to be the only online broker that allows Chinese investors to trade on the US and Hong Kong stock exchanges as well as in mainland China.
It also has an online community for investors to share information and trading experience. The startup facilitated trade volumes worth RMB120 billion ($18 billion) and RMB500 billion ($75 billion) in 2016 and 2017 respectively.
Tiger Brokers has been backed by more than 20 investors, including investment guru and Wall Street billionaire Jim Rogers, recently-listed Xiaomi, China Growth Capital, Citic Securities and China Renaissance K2 Ventures. It had raised a $29-million Series B round in December 2016 and a $14 million Series B+ in March 2017.