Chinese big data fintech company QuantGroup has raised $73m in a Series C round of funding led by Sunshine Insurance Group.
Fosun Capital, Guosen Hongsheng Investment and other undisclosed investors also participated in the Beijing-based company’s latest round.
QuantGroup originated as a programme within the Microsoft Ventures Accelerator led by former Morgan Stanley, Capital One and Barclays’ statistician Zhou Hao.
The company develops data-driven consumer finance technology to provide consumer credit-based consumption and IOUs.
It says it counts more than 10 million users to date with a monthly transactions of almost $149m.
There’s a strategic element to the investors’ interest in QuantGroup with Sunshine Insurance investment managing director Zhang Ling saying the firm plans to work with the startup on credit guarantees for its insurance products.
Fosun Capital, the PE-arm of Fosun Group, also said it hopes QuantGroup will collaborate with its other fintech portfolio companies.
Its parent company last year established an online finance arm facilitating peer-to-peer lending and wealth management services, both of which QuantGroup could potentially benefit.
QuantGroup previously raised an undisclosed Series A round from Fosun, Banyan Capital and China Grow Capital as well as a Series B round from Zhixin Capital, Star VC and Oriental Fortune Capital.
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