China based personal investment startup Lancai has raised $27m in Series B funding led by LeEco. This is the first investment in a financial technology start-up by the acquisitive LeEco, formerly LeTV. The online video firm has expanded into everything from artificial intelligence, smart cars and smart phones, artificial reality, movies, sports to alcohol e-commerce.
LeEco has invested RMB180 million (US$27 million) in a series B round in Chinese financial technology start-up Lancai, the company announced during a press conference today. Its key product Lancaibao offers instant cash withdrawal, almost zero minimum investment threshold with annualized interest rate of 7.8%. In comparison, Chinese commercial banks offer 0.3% annually for demand deposit. Lancai says it previously received RMB30 million series A funding from Legend Capital, and RMB50 million series A+ round from an investment unit of Shanghai Zhonglu Group and Legend Capital in 2015.