Suishou Technology Announces $200 Million Series C Funding Round, Source Code Capital Continues to Increase Stake
Yi Cao said that Suishou, as China's Intuit, faces a broader market than Intuit itself and has grown into a benchmark enterprise in China's fintech industry.
Suishou Technology, a leader in China's personal finance app market, announced today that it has completed a $200 million Series C financing round. The round was led by KKR, a leading global investment firm, with Sequoia Capital, Source Code Capital, and Fanpu Jinke participating as co-investors. Tengda Capital served as the exclusive financial advisor for this transaction.
Source Code Capital has participated in Suishou Technology's financing for two consecutive rounds, leading the tens of millions of dollars Series B+ round for Suishou in 2015. The firm deeply recognizes the leading position that Suishou Technology's Suishou product series has established in China's personal financial management market.
Source Code Capital focuses on investing in "Internet Plus" innovation areas, including: financial internet, industrial internet, and service internet, as well as "Intelligence Plus" and "Global Plus." Its representative portfolio companies include: financial internet companies such as Qudian (Qufenqi), Geshang Wealth, INK Group, Zhirong Group (Yongqianbao), Suishou, and Cijinrong; industrial internet companies such as Yijiupi, Yimi Dida, Sales Crown Network Technology Co., Ltd., Baibu, and Ruigu; service e-commerce companies such as Meituan, Lianjia, MOGU, and Comjia; and "Intelligence Plus" companies such as Toutiao and CHJ Automotive, as well as "Global Plus" companies such as Zenjoy and Mybo.
Yi Cao, Founding Partner of Source Code Capital, stated: "As the 'Intuit' of China, Suishou faces a market even broader than Intuit's, and has grown into a benchmark enterprise in China's fintech industry. By empowering finance through mobile internet, big data, and AI algorithms, enabling more convenient spatiotemporal transformation of financial resources, Source Code Capital will continue to support Suishou in leading the balanced development of China's fintech industry."
According to available information, the Suishou product series (Suishou + Kaniu Credit Manager) currently has over 300 million users, with a category market share approaching 70%. Data from Analysys for Q1 2017 shows that the quarterly active users of the Suishou product series reached 20.493 million, nearly double the combined total of the next ten competing products.
Gu Feng, Founder and CEO of Suishou Technology, stated that the company has already achieved profitability and is very selective in choosing investment partners. The decision to have KKR lead this round was primarily based on its broad international perspective and operational resource support capabilities, which will help the company realize its full potential. Co-investors Sequoia Capital and Source Code Capital have participated in the company's financing for multiple consecutive rounds.
Joseph Bae, Global Partner and President of KKR Greater China, stated: "As per capita income grows and financial planning awareness increases, more and more people are beginning to use online tools for personal wealth management. Suishou is a leader in this market, with the most advanced technology and an experienced management team. We are very pleased to be able to work with Suishou CEO Gu Feng and the entire Suishou team."
Robert Xu, Founder of Kingdee Group and angel investor in Suishou Technology, stated that Suishou Technology's development into China's largest personal financial management platform is due on one hand to the professional DNA and keen market insight of the founding team represented by Gu Feng, and on the other hand to its accurate grasp of the opportunity presented by mobile internet's widespread elevation of Chinese people's personal financial management awareness. I believe KKR's involvement will push Suishou Technology to play an even more important role in the financial technology sector.
Kui Zhou, Partner at HSG, stated: Out of confidence in Suishou Technology's development model, Sequoia Capital has invested in Suishou Technology for three consecutive rounds. We are pleased to see that after several years of development, Suishou Technology has grown into a leader in China's personal financial management industry and has established unshakeable market advantages. Fintech will open a new chapter in the development of China's financial industry, and the advantages Suishou Technology has accumulated in personal financial traffic entry points and precise big data will lead the development of domestic financial technology.
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