China’s Fintech Unicorn My Credit Scoops $400M Financing To Build Industry Fund
By Emma Lee for TechNode
My Credit, aka 51 Credit or 51 Credit Card Manager, announced Wednesday that it has secured a $84 million USD C+ round from Harvest Capital and Yintai Group, raising company’s most recent funding to nearly $400 million USD.
The news comes just one month after a hefty $310 million USD Series C led by Tiantu Capital and A-share listed real estate company Xinhu Zhongbao. The C round is raised at a market valuation of over 1 billion USD, marking the emergence of a new unicorn in China’s tech sector.
Founded in May 2012, My Credit is a top credit management service supplier in China. As the company behind intelligent bill management app 51 Credit Card Manager, the startup now has more than 70 million qualified users with business covering online cards application, wealth management, lending, installment and more.
After four years of development, My Credit has started to generate profits with monthly revenue stood at around 100 million RMB ($14.76 million USD) and the annual revenue is expected to exceed 1 billion RMB this year, company CEO Sun Haitao says.
Since the beginning of this year, My Credit initiated a series of moves to expand business and diversify user groups through the acquisition of micro-loan platform 99fenqi and launch of 51rp credit card.
In addition to further boost current services, the Hangzhou-based firm eyes something bigger with the newly raised financing. The firm plans to set up a fund for the investment and merger of fintech companies in the upper and lower links of financial chain in an attempt to create a comprehensive industry ecosystem.
Sun disclosed the fund is going to be launched within this year. Its total capital under management will to reach hundreds of millions RMB with focus on asset management, data and credit services.
Alibaba’s mutual fund Yuebao ignited Chinese users’ zeal for online personal asset management services back in 2013. My Credit is among the first startups that stand out in the credit card management vertical. The company had closed a combined $15 million USD of Series A and A+ round in 2013 and a $50 million USD B round in 2015.
First appeared at TechNode