Xforceplus Joins Ranks of Chinese Fintech Unicorns Following USD$200M Series C-round Funding

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A Shanghai-based SaaS company has just joined the ranks of China’s fintech unicorns after the conclusion of its latest venture capital funding round.

Xforceplus Information Technology (上海云砺信息科技有限公司) has raised nearly USD$200 million in total via its series C-round funding, with key investors in the recent series C++ round including Dragoneer Investment Group, MSA (和玉资本) and Huatai Innovative Investment (华泰创新).

Chinese investment bank Taihecap (泰合资本) was exclusive advisor for the transaction.

Xforceplus previously obtained nearly $100 million in its first tranche of Series C round funding in October 2019. That round was led by Temasek Holdings, with participating investors including Hillhouse Capital and Eastern Bell Capital.

According to a 1 June report from Sina the latest financing round makes Xforceplus China’s newest fintech unicorn.

Xforceplus CEO Will Woo (吴云) said that the funds would be used acquire more core clients and their upstream and downstream supply chain clients, as well as to strengthen in-depth cooperation with leading global consultancies and premium financial services organisations.

Woo said that Xforceplus will also use the funds to expand its tech, product and talent investments, and establish a “coordinated services enterprise ecosystem cluster and infrastructure for enterprise financing.”

Xforceplus was established in June 2015, and bills itself as a specialist in the research and development of enterprise software-as-a-service (SaaS) solution plans, and software services for large-scale enterprises based on cloud computing innovations.

Its flagship Piaoyitong (票易通) product is a specialised supply chain information coordination and value-added tax invoice management platform, which makes integrated use of artificial intelligence and big data.

Xforceplus said that as of the end of 2020 it had provided its services to 150 Fortune 500 companies, including Wanke Group, Walmart and McDonald’s.

Its platform settlement sum exceeds 20 trillion yuan, and the company says it has provided nearly 100 billion yuan in financial services to platform clients.

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