Weimob, a WeChat business service company, has reportedly received $160.3m in its Series D funding round.
The round was led by Shanghai Free Trade Zone Equity Fund, V-Capital, Shanghai Guohe Capital and Zhejiang Paradise Silicon Valley Asset Management Group, according to a report by China Money Network.
Other contributions came from firms including Tencent Double-Hundred Plan, Oriental Fortune Capital, Bohai Industrial Investment Fund Management, Chentao Capital, and PreIPO Capital, it said.
Founded in 2013, the Shanghai-based company develops a selection of products and services for the Chinese messaging and social media app WeChat. Weimob’s products support a range of different processes such as helping a company to build an e-commerce store, aiding businesses developing their own app, and accessing member and marketing management.
Its technology is used by a range of business types including restaurants, leisure companies, health and beauty retailers, and delivery franchises. One of the services supported through the app is payment processing and can be implemented help companies accept digital transactions or manage their revenues.
Last week, China-based behaviour analysis platform Sensors Data bagged $44m in an investment from Warburg Pincus. The company uses behavioural data analytics to help businesses conduct data collection and modelling for digital banking and e-commerce companies.
China’s FinTech space was dominated by payments and remittances and marketplace lending companies in 2017, according to data by FinTech Global. Combined, the two sectors accounted for 75 per cent of the $2.4bn invested over the year.
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