Chinese internet giant Sina has made a $30 million Series B round investment in Shanghai fintech company Shuhe Technology.
Following the investment the two companies will engage in cooperation across a range of areas in future, including data, technology and products.
“This financing will significantly promote the development of Shuhe Technology in the local fintech market, enhance the operational efficiency of data and technology within the company, and improve the services for our credit card holders,” said Shuhe CEO Xu Zhigang.
“We will jointly establish an expandable cooperation model to provide users with appropriate, convenient and efficient inclusive financial services under prudent risk control.”
Shuhe Technology was founded in 2015, and runs a daily financial news application called Latte Finance which operates via WeChat. It operates as a unit of outdoor advertising network Focus Media.
The company has over 25 million registered users and has completed over 6.6 million transactions, and counts investment giant Sequoia Capital amongst its shareholders.
The investment comes as Sina, operator of the Weibo social media platform, accelerate its expansion into the fintech arena in a bid to compete against rival tech giants Alibaba and Tencent.
Sina launched a $500 million fintech investment fund in 2017, as well as filed to list its fintech start-up Pintec in the US last year.
