9Fbank.com, a Chinese online financial services company, recently raised capital totaling USD 110 million, of which USD 90 million was from newly issued shares [1]. The investors include: the US-based venture capital fund IDG; the US-based quantitative trading firm SIG; Xu Yu, a fashion industry investor in China; Beijing-based private equity fund Guangjie PE Fund; the Hong Kong-based private equity fund Grandis Capital; and Incorp Capital and Union Fortune, two Chinese currency funds.
9Fbank provides services such as wealth management, customer credit, mobile finance and microfinance. Early in 2015, 9Fbank announced the “Link + Plus” strategy to connect mobile finance services with daily purchases, including clothing, food, housing and transportation.
“Compared to the introduction of purely financial investors, we expect the shareholders to support 9Fbank not only through capital contribution, but also through business collaboration. What we need are investors who share the same values and are willing to cooperate with us to further develop Internet finance industry,” said Sun Lei, the CEO of 9Fbank [1].
The company received an investment of RMB 10 million (USD 1.61 million) in 2006 and raised USD 3 million in 2009. As of April 2015, 9FBank has 16.8 million registered users.
By Caroline Zhu, Research Associate
About 9FBank
9FBank, an online financial services company in China, was founded in 2006. Its offerings include wealth management, customer credit, mobile finance and microfinance. As of April 2015, 9FBank has 16.8 million registered users including 14.7 million mobile users.
Sources and Additional Resources:
[1] PR Newswire: “New Benchmark for 2015 — 110 Million USD Financed for 9Fbank to Boost Mobile Finance,” http://www.prnewswire.com/news-releases/new-benchmark-for-2015—-110-million-usd-financed-for-9fbank-to-boost-mobile-finance-300065373.html
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