Shanghai-based QuanCheng, a Software as a Service (SaaS) corporate expense management start-up, has completed a series B round of financing worth tens of millions U.S. dollars led by Eight Roads, the proprietary investment arm of Fidelity International, says an announcement.
ClearVue Partners and Arbor Ventures also participated in the round, whose specific value was not disclosed.
The company says it plans to use the proceeds to expand its two B2B products: a business dining and entertainment procurement solutions, as well as an expense management and business trip expense management tool.
Globally, the SaaS-based expense management market will grow at a compound annual growth rate (CAGR) of 19.20% by 2018, according to a recent report by Research and Markets.
In China, the SaaS market is expected to maintain a compound growth rate of more than 30% in the next few years, according to an industry reported cited in the announcement.
Founded in 2013, QuanCheng received an undisclosed series A round led by ClearVue Partners.
QuanCheng says it has hundreds of domestic Chinese companies as clients.