Consumer finance platform Blackfish Technology has closed on a Series o A+ round financing at $50 million. In January, Blackfish closed on a $140 million funding round (950 million CNY).
New investors in this most recent round are Lightspeed Venture Partners, Rakuten Ventures, China Growth Capital, and Axpfund.com. Earlier shareholders who participated include Lightspeed China Partners, Morningside Venture Capital, JAFCO Asia, Gobi Partners, Fullshare Holdings Limited and Blackfish Technology’s management team continued to invest.
Blackfish is a China based consumer finance platform that uses big data, artificial intelligence, and machine learning to assist in consumer spending, payments, loans, and more.
Blackfish takes a membership approach to make its platform sticky for users. It uses a mobile app to provide services that turns the users into members and fans, and provides its users with a better experience in the convergence of e-commerce functions. Their target market are younger consumers.
Conor Yang, co-founder and president of Blackfish Technology, said the new financing will accelerate platform promotion and memberships system. He expects to “take the lead in reserving high-quality products and rights, to lay a solid foundation for continuously providing members with good quality and inexpensive products and services.”