Haier Money Raises CNY 500 Million to Spur China's Microfinance Market

Healthcare, Financials Author: Ivan Platonov, Wang Butao, Sylvia Liang Aug 13, 2019 07:36 PM (GMT+8)

The famous Chinese consumer electronics corporation's subsidiary -- microlender Haier Money -- has received financing from China Merchants Capital.

Coins of table. Image credit: ISO Republic

Chongqing-based microfinance company Haier Money (海尔云贷) announced a new funding round on August 12, obtaining CNY 500 million (USD 63.72 million) from China Merchants Capital (招商局资本), a subsidiary of China Merchant Group (招商局集团).

The firm has previously raised capital from various investors such as Amer International Group (正威集团) and Founder Group (方正).

Founded in 2014, the microcredit firm is among the first enterprises of its type that obtained the license from the Chinese government to provide financial services. According to Haier Money's official website, the company's business is built upon three pillars: value (价值), sharing (共享), and ecology (生态). The microlender positions itself as an "Internet community sharing financial ecosystem platform".

EqualOcean projects that China's microfinance market amounted to CNY 972 billion (USD 138 billion) in 2018. We expect it to grow at a 1.7% CAGR in the next three years, hitting CNY 1.04 trillion (USD 147.64 billion) by 2022.