Shuhe snaps up $30m funding from internet giant Sina
Shanghai-based credit card outfit Shuhe Technology has secured $30 million Series B funding from Sina.
Sina has been motivated by the fintech growth in China and around the world
Sina says that its investment was motivated by the growth of fintech services, and the business capabilities and steady development potential of Shuhe.
According to Shuhe, it will use the investment to develop its capabilities around data, traffic, technology and products. The firm serves the online consumer credit needs of credit card people. Shuhe says its core team mainly comes from China Merchants Bank credit card centre and other well-known financial institutions.
Sina aims to grow its market competitiveness in terms of acquiring customers, improve data and technology capabilities, and optimise operating costs.
Xu Zhigang, Shuhe CEO, says: “We will jointly establish an expandable cooperation model to provide users with appropriate, convenient and efficient inclusive financial services under prudent risk control.”
He adds that a financial business is like “long-distance running”, because it is “common sense to be stable and lasting”.
Founded in August 2015, Shuhe has more than 25 million registered users and recorded over 6.6 million transactions.
Shuhe is part of the advertising network Focus Media, with Sequoia Capital as a shareholder.
Sina operates China’s social media platform Weibo and recorded a 26% year-on-year increase in revenue in the third quarter of 2018, reaching $554.6 million.
