Chinese e-commerce outfit JD.com raises $1.1 billion to grow financial arm

Chinese e-commerce outfit JD.com raises $1.1 billion to grow financial arm

Chinese e-commerce company JD.com has raised RMB6.56 billion ($1.1 billion) to grow its financial services arm, JD Finance.

Investors in the round - which values the financial services unit at RMB46.65 billion - include Sequoia Capital China, China Harvest Investments and China Taiping Insurance.

Richard Liu, CEO of JD.com, says: “JD Finance has become a leading industry player by leveraging JD.com’s e-commerce expertise and advantages in big data and technology to provide financial solutions to Chinese consumers, innovative start-ups and traditional enterprises. By partnering with top financial and start-up service institutions, we will be even better positioned to create China’s leading financial technology ecosystem.”

JD.com is following in the footsteps of other Chinese e-commerce conglomerates such as Alibaba, Tencent and Baidu, in extending its technology prowess and consumer outreach into the financial services arena.

The firm established its financial services arm in 2013 and is now running "one of the most trusted financial technology platforms in China", says Shengqiang Chen, CEO of JD Finance, adding: “With our top risk management technology and the additional expertise from our investors and partners, we look forward to significantly expanding JD Finance’s service offerings and market reach.”

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