Source Code Capital portfolio company "Fulin Technology" announces completion of tens of millions of RMB in Series A funding; existing shareholder Source Code Capital continues to increase its stake

源码资本·May 17, 2019·0·0

Fulin Technology has officially announced the completion of its Series A financing round, raising tens of millions of RMB. BlueRun Ventures led the round, with Source Code Capital, the company's angel-round investor, continuing to invest additional capital. **Tang Kewei, founder and CEO of Fulin Technology, stated that the proceeds will be used for R&D and market expansion.**

Fulin Technology has officially announced the completion of its Series A financing round, raising tens of millions of RMB. The round was led by BlueRun Ventures, with existing angel investor Source Code Capital continuing to participate. Fulin Technology founder and CEO Kewei Tang stated that the proceeds will be used for R&D and market investment.

Founded in 2017, Fulin Technology is a company that provides risk control and operations services to licensed financial institutions and internet finance companies, built on a foundation of artificial intelligence and expert experience.

China has over 900 million potential credit users, with financial scenarios including personal consumer loans, credit cards, auto finance, and small and micro enterprise loans representing a market exceeding 7 trillion RMB. In the lending sector, the many participants in credit — such as licensed financial institutions like banks — increasingly need robust systems and product capabilities to meet new business demands. Many city or rural commercial banks, for example, choose to combine third-party technical capabilities with their existing operations to improve efficiency, a collaborative concept also known as "open banking."

Fulin Technology's work can be summarized as helping licensed financial institutions, primarily banks, complete the digital transformation of their retail finance businesses. It mainly provides strategy support based on fully automated big data management, and has developed a product and service system centered on intelligent operations, risk control, and post-loan management.

Small and micro enterprises have become a buzzword in the internet finance industry over the past two years. As an important part of the national economy, small and micro enterprises still have imperfect corporate governance and financial systems, lack data and documentation, and thus face high costs in financing and business development — yet they represent a blue ocean worth exploring for the internet industry.

Addressing core challenges facing small and micro enterprises, such as data scarcity, Fulin Technology has developed an AI-powered risk control platform built on big data. It comprehensively utilizes various AI algorithms including "evolutionary computation, unsupervised learning, and transfer learning" to help clients achieve fully automated, online approval and risk control. Regarding data sources, Fulin Technology founder and CEO Kewei Tang stated that Fulin Technology has over 100 data partners, with deep collaborations with some of them, enabling it to obtain exclusive data on small and micro enterprises through legal and compliant means.

Leveraging its team's background in small and micro enterprise finance, Fulin primarily serves scenarios characterized by small amounts and dispersed distribution. The company currently targets banks and internet micro-lenders as its main customers, and also collaborates with guarantee and insurance companies. Depending on the customer segments and scenarios that licensed financial institutions serve, Fulin Technology customizes comprehensive solutions for each client.

In terms of revenue model, Fulin currently charges based on API call volume, loan disbursement volume, and joint operation results. The company currently serves over 100 institutions, including banks, trusts, insurance companies, and online micro-lenders, achieving tens of millions in revenue within its first year of operation.

The Fulin Technology team consists mainly of master's and doctoral graduates from Stanford University, University College London, Oxford University, and University of Nottingham, with experience at domestic and international financial institutions including Ant Group, Citigroup, Barclays, JD.com, Sunyard, and Discover. Founder Kewei Tang holds a PhD from the University of Nottingham and spent twelve years in scientific research in the UK. He previously served as global headquarters risk director at Royal Bank of Scotland and Barclays Bank, and as Ant Group's rural finance risk control lead and MYbank platform risk lead. He has also been invited multiple times to speak and offer recommendations to institutions including the National Development and Reform Commission, the People's Bank of China, and India's Small Industries Development Bank.