China-based online trading platform Tiger Brokers has reportedly closed its Series C round on $80m.
Prospect Avenue Capital, Orient Hontai Capital and Oceanpine Capital took part in the funding, according to a report by China Money Network. Following the investment, the company has become the next FinTech unicorn, reaching a valuation of $1.06bn, the article said.
Tiger Brokers, which is available on desktops and mobile devices, allows consumers to invest in the stock markets of China, Hong Kong and the US. Its platform offers real-time quotes of stocks, live new updates and market insights, financial data visualisation tools, analysis, and market seizing tools.
Founded in 2014, the company offers a selection of trading types including stocks, options and ETFs, and has low commissions for orders.
Capital from the round will be used to strengthen the technology infrastructure, grow its teams, and increase development of its global asset allocation platform, the article said.
The company’s Series B round raised a total of $43m, and was split across two phases.
Last year, the company closed the Series B + round which collected $14m from an investor group led by China Growth Capital. Its initial Series B closed on $29m from Citic GoldStone Fund Management, Huagai Capital, Zhen Fund and China Renaissance K2 Ventures.
Prior to this, the company raised $15.6m through its Series A round, which was led by Chinese smartphone giant Xiaomi, in 2015.
China has seen a handful of high value investments this year. The most notable was the colossal $14bn Series C of Ant Financial, the payments affiliate of Alibaba Group. The deal raised its valuation to $150bn, which has risen from its $60bn value it received after its $4.5bn round in 2014.
Copyright © 2018 FinTech Global
