Venture capital firm Sequoia Capital China has backed fintech startup 100Credit‘s Rmb1 billion ($150 million) Series C funding round, which was led by China Reform Fund Management, according to a CMN report.
The new round brings 100Credit’s total fundraising to Rmb1.7 billion ($270 million) to date, the company said.
Based in Beijing, 100Credit provides financial information services, using big data, to large companies, allowing them to manage the lending process across the whole life-cycle of a loan deal.
It also helps insurance firms conduct precision marketing, manage their existing customer base and tailor their products and services.
In a statement posted on its official WeChat account, 100Credit said it will use the latest investments to hire more people, update its artificial intelligence lab, and boost its R&D efforts in AI, big data and blockchain related products.
Zhang Shaofeng, who founded 100Credit in 2014, was also quoted as saying that the proceeds will also fund further investment in financial risk management products.
With the new round, the firm has raised RMB1.7 billion ($270 million) in total. It raised a combined Rmb700 million ($111 million) in Series A and B rounds from a number of investors, including Sequoia Capital China and IDG Capital.
Sequoia Capital China is also reportedly backing the more than $1 billion fundraising of Shanghai-based e-commerce site Pinduoduo.
The startup has become one of the fastest-growing startups in China by creating a sort of Facebook-Groupon mashup, where people spot deals on fruit, clothes or toilet paper and then recruit their friends to buy at a discount.
In March, Sequoia Capital China also led the $50-million Series C fundraising round in Adagene, a Chinese antibody discovery and development firm based in Suzhou.