Payroll app Gongzi Qianbao raises $30m from SBCVC

Gongzi Qianbao, a Chinese mobile payroll management service provider, has raised $30m in a venture-backed financing round.

SB China Capital (SBCVC) has backed the latest round and is believed to have been the investor behind the previous undisclosed funding round, closed in September last year.

The company, which name means ‘salary wallet’ in Chinese, has developed a solution will helps businesses arrange salary payments to their staff.

Shanghai-based Gongzi Qianbao also uses key personal financial data for the purpose of assessing an employee’s credit worthiness.

Currently, there is a severe lack of consumer credit history data in the Chinese market.

Earlier this month, Chinese Internet giant Baidu invested in LA-based fintech business ZestFinance, which runs a credit-decisioning technology platform.

Combining ZestFinance’s tech and Baidu’s consumer search, location, and payment data, the two companies hope to provide a credit service that will address the market gap.

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