Chinese Yuan notes. Photo: Reuters
Investors continue to back promising Chinese startups, with Chinese supply chain fintech firm Linklogis and cross-border mobile payment service provider Ksher raising a total of $230 million in fresh funding from GIC and Sequoia Capital, respectively. Meanwhile, China Merchants Group has led a $10 million series A financing round in XTransfer, a Shanghai-based cross-border payment platform for exporters.
GIC anchors $220m Series C in fintech firm Linklogis
Linklogis, a supply chain financing service provider based in China, has raised over $220 million in its Series C funding round anchored by Singapore’s sovereign wealth fund GIC and backed by GLP, Skyworth, China Oceanwide, Welight, and several other investors.
The latest financing round brings the company’s total funding amount to about $265.1 million from three rounds. It first raised Rmb100 million ($14.43 million) in its Series A round in August 2016 and another Rmb200 million ($28.9 million) in Series B in August 2017.
Founded in 2016, Linklogis provides micro and small-sized enterprises with supply chain financing. It operates a platform that offers loans directly to these enterprises based on its big data risk control system.
Shenzhen-based Linklogis is backed by Tencent Holdings, Skyworth Group, Citic Capital Holdings, Global Logistic Properties, and China Oceanwide.
Sequoia Capital invests $10m in payments firm Ksher
Ksher, a Beijing-based cross-border mobile payment service provider, has raised $10 million in its Series A round with Sequoia Capital as its sole investor, according to Chinese media reports.
Established in 2016, Ksher provides cross-border travel-related financial services, providing merchants with multiple payment methods, including WeChat, Visa, and Mastercard.
The company first raised an undisclosed amount of funding in its angel round in January 2017, led by Institutional Venture Partners, a California-based venture capital firm.
On its website, Ksher said it has partners in 62 countries for its various businesses that include e-commerce, domestic platform distribution for overseas hotels, advertising, and local services. It also operates local business teams in 12 countries, including the UK, Thailand, and Singapore.
China Merchants leads $10m Series A in XTransfer
China Merchants Group has led a $10 million series A financing round in XTransfer, a Shanghai-based cross-border payment platform for exporters, according to a CMN report on Monday.
Yunqi Partners, Gaorong Capital and 01VC also participated in the round.
Xtransfer offers a cross-border money transfer service, focusing on medium-sized exporters. Since its establishment in 2017, it has served over 10,000 institutional customers globally with branches in Hong Kong, the United Kingdom, Canada, Japan and the United States.
Previously, it secured $5 million in seed funding from Yunqi Partners and Gaorong Capital.
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