New funding takes 51 Credit Card round to $400m


Chinese credit card management app 51 Credit Card Manager has raised $84m in what’s being described as a C+ round from Harvest Capital and Yintai Group.

The raise comes just a month after it picked up $310m in a Series C round led by Tiantu Capital and real estate firm Xinhu Zhongbao.

That combined with the new fund takes the total haul to more than $400m and values the firm at more than $1bn.

Founded in May 2012 the company operates bill management app 51 Credit Card Manager.

The app helps users with online card applications, wealth management, lending and instalment payments.

It counts more than 70 million users and claims to generate a profit with monthly revenues of $14.76m.

With the new financing 51 Credit Card will continue to expand its services having previously acquired micro-loan platform 99fenqi.

The firm will also use the capital to launch a new fund to invest in fintech companies in the region with the aim of developing a comprehensive industry ecosystem.

It aims to launch the fund this year with hundred of millions of Chinese Yuan Renminbi under management and an initial focus on asset management, data and credit services.

Copyright © 2016 FINTECH GLOBAL

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