Asset Pro has closed a USD 45 million Series D round of funding and is preparing for an IPO later this year. In the meantime, it just added former business leaders in J.P. Morgan and Alibaba to its Advisory Board.
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Asset Pro (理享家) has closed a USD 45 million Series D round of funding and is preparing for an IPO later this year, according to 36Kr, a Chinese tech media outlet. In the meantime, Gong Fangxiong (龚方雄), former chairman of J.P. Morgan China, and Wei Zhe (卫哲), ex-CEO of Alibaba Group Holding, will soon join the company as senior advisers.
Founded in 2013, Asset Pro is an asset management platform servicing Chinese retail and institutional investors who are interested in allocating money overseas. The platform connects them with over 200,000 professional financial planners through mobile devices and PC, and help its users allocate funds in equities, foreign exchange and real estate or even assist with the immigration application.
Initially, Asset Pro was established by two young Chinese entrepreneurs with years of working experience on Wall Street. The addition of seasoned managers from Alibaba and J.P. Morgan will bring a wealth of experience to not only the core services of Asset Pro but also the startup's future development.
Last year, Chinese overseas investment saw steady growth despite intensified geopolitical tensions. On the back of a booming market, Asset Pro grew its revenue by more than 400% in 2018 and more than 260% in 1H19.