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JD Finance is about to pocket 13 billion yuan ($ 1.9 billion) investment from several Chinese financial services giants, winning a handful of influential donors in its fight against Jack Ma's Ant Financial
The JD.com distributor has signed agreements with CICC Capital, an investment subsidiary of Bank of China and a CITIC Capital buyout company, to raise funds that value the nascent company to about 133 billion yuan, announced JD Finance in a statement. He hopes to complete the round of funding this quarter.
JD competes with Baidu Inc. and Alibaba Group Holding Ltd. to combine high-tech expertise with traditional finance and cater to a growing cohort of clients who prefer to do business on their phones. Securing the support of Bank of China, one of the country's largest lenders, and influential players such as CITIC will help it compete with its biggest rivals in the nascent field of internet finance.
JD Finance is already working with 700 financial institutions. Served 8 million small businesses and 400 million individuals, he said. But it remains a relative relative compared to Ant Financial, a subsidiary of Alibaba that raised $ 14 billion in June and has benefited from wider adoption thanks to its Alipay digital portfolio and its popularity in Internet commerce. Like Ant, JD Finance offers loans and other online services, and a large part of its business is lending short-term consumer to JD.com, which it came out of in 2017.
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