JD Finance, the finance spin-off of JD.com, China’s largest online retailer, is set to raise just under $2bn in its series B funding.
Investors in the round will include CICC Capital, Bank of China Group Investment Ltd, China Securities and CITC Capital, according to China Money Network.
The round is set to value JD Finance at around $20bn post funding. The finance, which should all have been gathered by Q3 this year, will be used to expand data and technology as well as expanding globally and attracting new talent.
Existing investors in JD Finance include Sequoia Capital China, China Harvest Investment and China Taiping Insurance.
JD Finance works with over 700 financial institutions around the world, serving around 8mn small businesses and 400mn individuals. The organisation was established in 2013 and aims to give individuals a quick, easy and convenient access to financial services.
It operates across seven major business segments: supply chain, consumer, crowdfunding, asset management, payment solutions, insurance and securities. Its products include JD Walley and JD Finance APP.