China-based 9F Group, a provider of a range of financial services, has closed its Series E round of funding.
Contributions came from SBI Holdings, as well as China Xinda Holdings, Focus Media chairman Jiang Nanchun, Youzu Interactive chairman Lin Qi, FAMOUS GROUP and Plentiful International.
SBI made the investment as a continuation of its goal in supporting cooperation with the FinTech space in China and across the world. Its capital line will support 9F with developing its technology and cementing its position in Hong Kong, Singapore and the US.
Founded in 1999, 9F offers a range of financial services across a number of wholly-owned or holding subsidiaries. The company operates in four separate domestic businesses including digital accounts solution 9F One Card, AI services 9f Technology, online lending platform 9F Puhui and brokerage investment for insurance and funds.
The company also has businesses abroad including 9F Securities and 9F Wealth Management which are used across Southeast Asia and the US. 9F Group offers a variety of financial services to cover all of the needs of customers including loans and personal finance management.
As a big data intelligent credit and risk control service provider, the company applies new technologies such as big data, cloud computing, artificial intelligence, blockchain and Internet of Things, as well as financial domain knowledge to solve small and medium-sized enterprises’ credit information. Its offering includes risk monitoring, scenario-based enterprise credit scoring modelling, anti-fraud modelling, and risk asset pricing, among others.
SBI recently supplied a $15m equity investment into Russia-based SimpleFinance, a digital lending platform.
Earlier in the month, fellow China-based FinTech company Cobo bagged $13m in its Series A round of funding. The company operates across two products: Cobo Waller, which is a multi-asset cryptocurrency wallet which empowers users to grow their holdings through proof of stake mining rewards and Cobo Vault, a cryptocurrency hardware wallet.
Copyright © 2018 RegTech Analyst
