Vision Credit, a Chinese consumer finance provider, has closed an undisclosed Series C investment round.
The round was led by led by TPG Growth, the middle market and growth equity platform of global alternative asset firm TPG.
Vision Credit provides FinTech financing services to consumers across China. In addition to developing online financing products and services tailored to different types of consumers and their borrowing needs, the company also operates over 90 branches.
It products include Kaka Credit, which helps customers pay off credit cards by granting them a stand-by credit line; Doudou Cash, which serves the young working class; and Star Credit, which targets borrowers with an associate degree. The Chinese company also partners with other consumer service providers that traditionally lack independent financing options for their customers.
Stephen Liu, founder and CEO of Vision Credit, said: ?Our core objective is to provide consumers with a set of tailored, structured, and risk-conscious financing options that enable them to pursue their interests, preferences, and passions.p>
?The support of our new partner, TPG Growth a firm with deep experience growing and enhancing tech-enabled, platform businesses demonstrates a conviction and confidence in our momentum. We look forward to leveraging their insight, most immediately in our efforts to expand our online business.p>
Back in 2015, TPG?and Fidelity Investments co-led a huge $500m Series C round for San Francisco HR software company Zenefits.
Derek Chen, partner at TPG Growth, added: ?China credit population driven by rising consumer competency and appetite for spending is steadily growing, but there is a lack of nimble infrastructure in place to support and empower that growth. This has created a compelling opportunity for investment in best-in-class players that are active in the consumer credit space.p>
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