(Yicai Global) July 26 -- Tencent Holdings and JD.Com, two of China's biggest internet firms, have led a USD50 million funding round into financial technology startup Linkfin Technology.
Existing shareholder Bertelsmann Asia Investments also participated in the B-series round, venture capital news site Lieyun reported today. Linkfin will use the cash to build a big data and artificial intelligence platform, upgrade its operating systems and accelerate market development, it added.
Tencent and JD will offer strong support in terms of cutting edge fintech and customer resources, the target's founder Zhao Chuncheng said.
Founded in 2017, Shanghai-based Linkfin helps small and medium-sized banks improve their retail and loan services using financial technology. It provides automated funding and loan services for small- and micro-sized companies and was exclusively backed by Bertelsmann Asia in its A round.
The team has many years of experience and strength in the automated finance sector, which has helped Linkfin collaborate with many banks in just one year, said Ou Li, vice president of JD's finance arm JD Digits, whose app will provide an interface for Linkfin's auto finance business.
JD will also provide Linkfin with big data capabilities and offer a complete solution for smart, digital financing, Ou added.
Editor: James Boynton