JD Finance to raise US$1.95 bn in fresh equity from B round
Firm inks capital increase agreement with CICC Capital, Bank Of China Group Investment Limited, CSC Financial and CITIC Capital
JD Finance, the wealth management platform of e-commerce giant JD.com, announced it is planning to raise 13 billion yuan (US$1.95 billion) via B round financing starting on Thursday, The Paper reported.
The company has signed a capital increase agreement with investors, including CICC Capital, Bank Of China Group Investment Limited, CSC Financial and CITIC Capital. This round of financing will be completed in the third quarter of 2018, the company said.
After the investment, the valuation of JD Finance is expected to be 133 billion yuan. That is in comparison to 46.65 billion yuan after it completed 6.65 billion yuan in A round financing led by Sequoia Capital China, Harvest Investment and China Taiping.
So far, the platform has gathered more than 700 financial services institutions and served eight million small and micro businesses as well as 400 million individual users.
In addition to digital financial services, the company has also deployed innovative businesses such as urban computing, digital enterprise services and intelligent robots.