(Yicai Global) July 20 -- Hunan province-based Fumi Technology, a financial technology startup incubated by mobile phone behemoth Xiaomi, announced yesterday that it has pooled CNY200 million (USD30 million) in its Round-B financing. Bojiang Capital Management Group, one of its investors in Round-A, led this round, where the contribution of former shareholders was up to 80 percent.
"The ongoing investments and large subscriptions of former shareholders manifest their recognition of our team, model and direction," said Fumi Technology founder and chief executive Wang Anquan.
Proceeds will get to scaling up the company's business, globalizing its development, and increasing the input into its services and products and research and development to improve user experiences and increase the level of automation, news portal Tencent Yixian reported yesterday.
Fumi Technology, which deals in securities, formed in March 2016. It has US and Hong Kong branches. The Webull products the company independently developed to which it owns intellectual property rights offer individual investors information and trading aid, with over 50 percent of its nine million global users in North America.
Beijing Dongfang Hongdao Asset Management, a lead investor in Fumi Technology's Round-A financing, which also followed up in its Round-B, said Webull became a licensed securities company in the US this year, winning recognition from large American trading firms.
Fumi Technology is a component of the financial ecosystem of Beijing-based Xiaomi, from which it secured CNY50 million in its angel round from 2016, and another CNY120 million in its Round-A in April last year, led by Beijing Dongfang Hongdao Asset Management.
Editor: Ben Armour