Tencent Leads CNY 200M Investment in Financial Platform Xiaobang Guihua
Summary
Financial solutions provider Xiaobang Guihua (小帮规划) received CNY 200 million (USD 28.40) in fresh funding from investors including Tencent (0710:HK, TCEHY:OTCPK, TCTZF:OTCPK), which led this financing round, Sequoia Capital China, RGA (Reinsurance Group of America, RGA:NYSE) and BlueRun Investment (蓝驰创投) on August 17. One year later, Xiaobang obtained several millions of USD in its Series A round of funding led by Sequoia Capital China and RGA in November 2018. The company provides comprehensive financial services in the fields of wealth management and insurance, targeting Chinese “new middle class” users. As for insurance, the firm’s another core business, Xiaobang disrupts the traditional industry model by cutting off agents that often not just annoying but may even blackmail their clients. There is a huge room for growth in this sector: research organization Swiss Re Institute projects the local insurance market to quadruple by 2032, reaching USD 2.36 trillion.