Tencent is the lead for insurtech firm Xiaobangguihua's Series B equity financing round. Shareholders including Sequoia Capital China and Reinsurance Group of America are also joining.
Xiaobangguihua has closed its Series B equity financing round, collecting RMB 200 million ($28.4 million) in the process. Xiaobang means ‘help’ in Chinese while Guihua means ‘to plan’.
The Beijing-based insurtech firm sells self-developed online courses on how to buy insurance and financial products via various platforms including its own WeChat public account and third-party platforms such as Nicomama, ichazuo.com, investorscn.com and NetEase. The firm says that it has gained nearly 500,000 clients.
One-on-One Consult
The startup will later provide one-on-one consultation for clients who have shown high willingness to buy insurance policies, saying it has served more than 100,000 clients all over China. Xiaobangguihua also recommends insurance products via its WeChat public account and via a standalone app.
The company’s founder, Xu Bin, said that the new funds will be used to further strengthen the technology platform, develop courses and improve the user experience, «KR-Asia» reported. He added that his company’s key capability is its all-digital process for a financial product, including customer acquisition, operation, and finally conversion into a buyer.
