Marathon Venture Partners said to lead $9.5m funding in Lion Rock

Marathon Venture Partners has reportedly led the $9.4m funding round in to Hong Kong-based Lion Rock FinTech.

Previous investor 9F Inc and China-based loan automation service company Yirendai, took part in the investment, according to a report by Deal Street Asia.

Following the closure of the transaction, Lion Rock will assume control of Noble Apex Advisors, the article states. The SFC licensed company operates online fund distribution platform iFund, and offers 1,000 mutual funds from 50 different asset management companies. Lion Rock will also operate, which is a financial media platform, it said.

Marathon Venture Partners recently led the $14m Series B funding round into the Chinese insurance platform Baozhunniu.

Earlier in the year, Hong Kong’s Securities and Futures Commission launched a RegTech sandbox to help their qualified firms test their activities. This programme will help firms to identify and address and risks or concerns associated with their solutions before they are made publicly available.

Earlier in the year, Hong Kong TNG Wallet closed a $115m Series A funding round to help with expansion across the region.

The Asian FinTech sector has not see as much funding in 2017 compared to last year, with the first three quarters seeing around $6bn less capital invested than the same period in 2016. The region has also seen a decline in the number of transactions, with there being 40 less deals than last year.

Copyright © 2017 FinTech Global

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