Corporate SaaS Platform Gongsibao Secures Series B Financing led by NIO Capital and 5Y Capital
On November 18th, corporate SaaS platform Gongsibao announced that it had received more than RMB 100 million in Series B financing led by NIO Capital and 5Y Capital (formerly known as Morningside Venture Capital). The newly injected capital will be used for R&D, big data analysis and mining, algorithm design & application, market expansion, and continuous recruitment of talents.
Established in 2014, Gongsibao is a SaaS platform that provides SMEs with enterprise services including company registration, taxation, intellectual property, and other financial and legal services, enabling companies to start businesses smoothly.
At present, Gongsibao has set up branches in Beijing, Shanghai, Guangzhou, Shenzhen and Chengdu, providing services to over 750,000 users of which 100,000+ are paying users. Li Li, CEO and co-founder of Gongsibao, has attended the “Global Entrepreneur Leadership Program” (GELP) at PBCSF, Tsinghua University in 2018. (Source: Fintech Lab)
ByteDance Conducts Internal Testing of Online Consumer Financing Product
According to a report by tech618 on November 17th, Douyin -the Chinese version of social media platform TikTok launched by ByteDance-has conducted an internal test of a new consumer financing product. The product, named “Fangxinhua” will be accessible to users through the digital wallet function on Douyin app. It was said that “Fangxinhua” was built to be a rival of “Huabei” of Ant Group. ByteDance launched an online lending product called “Fangxinjie” in 2018 on news aggregator Toutiao, which was believed to be similar with Ant Group’s “Jiebei”. (Source: tech618)
Tencent: Fintech Revenue Grew Heavily in the 3rd quarter of 2020
On November 12th, Tencent Holdings held the 2020 third-quarter results announcement conference call. Total revenue in Q3 2020 was RMB 125 billion, up 29% year on year and 9% quarter on quarter. Fintech revenue grew heavily driven by the continued expansion of business payment and wealth management business. Segment revenue was RMB 33 billion, up 24% year on year. Total payment volume increased more than 30% year on year, benefiting from the shift from off-line to online purchases during the pandemic and the greater usage of Mini Programs for transactions in categories such as groceries and apparel. The number of active customers for the wealth management business rose by over 50% year on year. (Source: 36Kr)
The People’s Bank of China Fintech Research Institute Seeks Big Data and Blockchain Talent
Shenzhen Fintech Research Institute (People’s Bank of China Fintech Research Institute) has been jointly established by the Digital Currency Research Institute of People’s Bank of China, Shenzhen Local Financial Supervision Bureau, and Futian District Government.
Recently, the Institute posted a recruitment notice, seeking talent in the fields of technology (e.g. blockchain, big data), research, operation, marketing & sales. Workplaces for these positions will be in Beijing, Shenzhen, and Suzhou. (Source: Lagou)
The above is a weekly synopsis of the biggest stories on Fintech in China provided by WeiyangX, part of Tsinghua University, in partnership with Crowdfund Insider.
WeiyangX is the most influential website focusing on Fintech in China. The site covers the latest news, industry data analysis, business practices, and in-depth Fintech cases in Fintech. WeiyangX is incubated by Fintech Lab. Founded by Tsinghua University’s People’s Bank of China (PBC) School of Finance in 2012, the Fintech Lab is the first and leading research entity dedicated to leading best practices, promoting interdisciplinary innovation, and encouraging entrepreneurship in the field of fintech through scientific research and innovative project incubation.