China based financial management platform Wacai has raised $42m in an undisclosed funding round led by China Development Bank Capital. Founded in 2009, Hangzhou-based Wacai initially carved a niche for itself as a personal finance bookkeeping, wealth management app. It has expanded to other personal finance areas including personal credit and debt management, credit card management, and online personal finance community management.
The company has cumulative users of 160 million and has facilitated wealth management product transactions in the range of RMB100 billion (US$14.5 billion) annually, it says. "Both Wacai and China Development Bank are dedicated to provide financial services to more small businesses and individual users. We hope to share with Wacai our experience and technology in the financial services industry, and cooperate closely on wholesale banking and retail financial products," said Zhang Jielong, managing director at CBD Capital, in the announcement.