Lancai scoops up $27m for personal investments

Personal investments firm Lancai has raised ¥180m ($27m) in a Series B round of funding from Chinese online video firm LeEco.

Lancai’s online finance platform offer flexible personal investment products aimed at white-collar office workers. The features that differentiate it from traditional investment products include instant cash withdrawal and a near-zero minimum investment threshold.

It reportedly offers an annual interest rate of 7.8% and claims that the average interest for a commercial bank in China is around 0.3% annually.

This is not LeEco (formerly LeTV’s) first foray outside of its online video background with the firm making investments in smartphone-maker Coolpad, car services portal Yidao Yongche and education startup Beva.

Lancai previously raised ¥30m ($3.4m) in a Series A round from Legend Capital and a ¥50m ($5.7m) series A+ found from Shanghai Zhonglu Group and Legend in 2015.

Copyright © 2016 FINTECH GLOBAL

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