Black Fish, a consumer finance platform based in China’s Nanjing region, has received $145 million in a series A round from a cluster of firms including Lightspeed China Partners and Shanghai and Kuala Lumpur based Gobi Partners.
Black Fish offers financial service like consumer loans, installment and wealth management facilities.
China’s consumer finance industry presents a rapid development trend with an estimated 5.4 trillion yuan of consumer loan balance of China in 2016. At this point, the average annual growth rate of consumer finance is 16.4 percent.
Private equity majors like KKR and China’s Internet giant Tencent Holdings have placed their bets on the consumer finance space in the past.
Some of China’s noted finance management platforms include China Rapid Finance, Shenzhen Suishou Technology Co, JD Finance and others.