Beijing based online financial and tax services provider Hsuanzhang has raised $22m in venture funding led by IDG Capital and China Soft Capital. Founded in 2014, Hsuanzhang helps small to medium companies with bookkeeping, invoicing, tax planning and other financial services via a cloud platform and mobile apps.
"Hsuanzhang aims to provide standard services on enterprise financial and tax services," said Zhang Shugang, founder of Hsuanzhang. "We will also explore the development of derivative services to our users." The company plans to use the proceeds on improving its products, establishing an accounting firm network, and enhancing profit margin for its partners. Hsuanzhang expects to achieve RMB700 million (US$100 million) in revenues in 2017 by serving over 300,000 enterprises in 150 cities in China, the company said in a release.