JD.com’s recently renamed fintech subsidiary has seen a surge in its tech-related revenues in 2018.
Chen Shengqiang (陈生强), CEO of JD Data Science (京东数字科技), formerly known as JD Finance, announced on 5 January that the fintech company had turned a profit in 2018, while tech revenues as a share of the total saw a three-fold increase.
Chen also announced that JD Data Science had completed B-round financing, taking the company’s valuation to over 130 billion yuan.
In October 2017 Chen announced that JD Finance would be changing its name to JD Data Science, yet emphasised that the company would not be abandoning its fintech-related services.
Following the name change a month subsequently, Chen said that “JD Finance is a subsidiary brand of JD Data Sciences Group, and in future will be one of its core planks,” alongside a range of other subsidiary brands including JD City (京东城市), JD Agriculture (京东农牧) and JD Shaodongjia (京东少东家).
Chen also revealed that JD Data Sciences had established a smart big data department in 2018 that would be responsible for all of the company’s data operations, as well as launched a joint-venture company in Thailand.