Credit evaluation startup company IceKredit has secured Â¥110m ($15.9m) in a Series A round.
China Creation Ventures led the investment with Lingfeng Capital and existing backers including Yunqi Partners also participating.
The Shanghai-based business aims to offers independent credit evaluations for small and micro enterprises using big data and machine learning.
Its products include individual credit and SME evaluations and also provides whole-process, online loan management solutions for banks, P2P platforms, consumer finance companies and micro lending companies.
IceKredit founder Lingyun Gu commented: “Limited to their own operation mechanism, traditional financial institutions respond slowly to market demands.
â€œIt usually takes them several months from data acquisition to modelling, during which the market has undergone new changes. In this way, the window period for traditional financial institutions to provide risk management model service will always exist.”
The company counts 103 employees across its offices in Beijing, Shanghai, Los Angeles, Nanjing, Changzhou and Chengdu.
It previously took on Â¥20m ($2.9m) in an angel round from YUNQI Partners, FreeS Fund and Will Hunting Capital as well as a Â¥20m ($2.9m) pre-Series A round from Lujiazui fund.
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