(Yicai Global) Jan. 11 -- China’s largest third-party electronic signature platform Tsign.com secured CNY150 million (USD23 million) in series-B1 funding, it said yesterday. The financing amount represents the largest single funding in the electronic signature sector.
This round of funding was led by Qianhai Mergers and Acquisitions Fund and joined by THG Ventures. Tsign completed its series Pre-A and A funding in 2015 and 2016, raising a total of CNY55 million.
The widespread development of electronic signature practice is down to the rapid growth of the internet finance industry, mainly in 2015. Due to the completely online and paperless signing of internet finance contracts, electronic signature has almost become a standard configuration in the sector.
It is also widely used in other fields such as segmentation scenarios of ‘internet plus,’ partnerships between upstream and downstream of large companies, and public utilities, like education, e-government, bidding and tendering and medical treatment.
As of the end of 2017, the number of the platforms providing third-party electronic signature services was 35 with a market value of CNY400 million and annual growth rate of 200 percent, marking a significant growth in the market scale, said the 2017 Annual Report on the development of third-party electronic signature service platform in China issued by China center for information industry development released yesterday.
The electronic signature sector will focus on developing the public service business, which mainly includes services provided by the public service agencies such as internet + government, internet + hospital, and education, said Jin Hongzhou, founder and CEO of Tsign, while continuing to develop C-end market services and promoting the development of industrial and commercial annual inspection, electronic medical record, graduation certificate and bidding documents.