Business

Rural Chinese Fintech Startup Gains Investment

Shenma Finance, a Shanghai-based financial services platform that sells products in China's rural regions, has landed a nice chunk of change.

ChinaEquity Group led the series B+ funding round worth nearly RMB100 million, and existing investors Shunwei Capital, China Growth Capital and Frees Fund also participated.

Shenma Finance currently operates in over 20,000 towns in China with its major market in Southwest, Northwest and Southern China.

Founded in 2015, Shenma Finance provides short-term and mid-term credit products, including payment installment services.

The company previously closed around RMB100 million in a series B financing round from Shunwei Capital, Northern Light Venture Capital, Frees Fund and China Growth Capital in August 2016.

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