MS Finance said to raise $99m in Series C round

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fintech insurtech wealthtech regtech ai cybertech esg news

Online credit provider MS Finance has reportedly bagged $99.9m in its Series C funding round.

The round was led by Chongqing Department Store, according to a report by China Money Network.

China-based MS Finance, which also goes by, is a long and short-term lending platform. Through the app, a consumer can access credit for smaller purchases at places like online stores. Alongside this, a borrower can take longer loans for education, healthcare, and travel expenses, among others.

The company initially raised around $157m for its first round of funding in 2016 and then secured another $189m last year.

China has had a very active month for funding, with this marking the eighth deal to close. Earlier in the week, WeChat business service provider Weimob reportedly closed a $160m Series D round led by a group of investment firms.

Other Chinese companies to raise funds this month include travel B2B marketplace PKFARE, financial information platform 100Credit and digital payments processor MFS Africa.

Earlier in the month, China-focused VC firm Sky9 Capital hit its $200m final close for its third fund which will back internet, enterprise and deep technology sectors. The vehicle will invest between $1m and $10m into seed and Series A rounds, or $10m-plus for expansion-stage companies.

Copyright © 2018 FinTech Global

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