Singapore’s Temasek co-leads $72.8m funding in Chinese fintech firm Tongdun

An employee walks past a sign for Temasek Holdings Pte at the company's offices in Singapore, on Tuesday, Aug. 25, 2009. Temasek Holdings Pte, Singapore's state-owned investment fund, said it will focus on being an active investor as it increases holdings in overseas companies. Photographer: Munshi Ahmed/Bloomberg

Singapore’s state investment firm Temasek Holdings, along with Chinese investment firm Tiantu Capital and Xindahanshi Capital, has led a $72.8 million funding round in Chinese fintech start-up Tongdun Technology, as per a CMN report.

Tongdun, an Internet risk control and anti-fraud services provider, plans to use the latest financing proceeds towards research and development, and to expand business by partnering with overseas fintech companies, the report said.

Founded in 2013 and headquartered in Hangzhou, Tongdun primarily provides its anti-theft and fraud management services to financial, insurance, payment, online shopping and social networking companies.

The company claims to have offered risk management services to over 7,000 institutions in China. It has also provided risk management, anti-fraud and differential pricing of insurance products services for over 20 insurance companies, said the report quoting a company announcement.

Tongdun Technology had raised $32 million in a Series B+ round led by Advantech Capital in April last year.  A year prior, it secured a $30 million Series B round led by Qiming Venture Partners.

Recently, Temasek also led a $59 million Series B round in Hangzhou Just Biotherapeutics Co Ltd (Just China), an affiliate of Seattle-based Just Biotherapeutics. The firm’s other investments in China include Alibaba Group, China Construction Bank Corporation and Industrial and Commercial Bank of China Limited (ICBC).

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