QuantGroup, which provides online financial services including credit-based consumption and IOUs, has reportedly closed a RMB500 million investment round.

China's Sunshine Insurance Group Corporation led the series C round of financing in QuantGroup, and Fosun Capital, Guosen Hongsheng Investment Co., Ltd., and other undisclosed investors also participated.

Fosun said it hopes that QuantGroup can cooperate with financial tech companies it has invested in the past. The Chinese insurance and investment holding group also established an Internet finance arm in 2015 providing P2P lending and other wealth management products.

The company claims to have over 10 million cumulative users with monthly transaction volume of nearly RMB1 billion.

The start-up began as a program within the Microsoft Ventures Accelerator led by Zhou Hao, a statistician who formerly worked at Morgan Stanley, Capital One and Barclays.