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Fintech startup IceKredit raises $47mn in pre-series C round

Ice KreditFintech startup IceKredit Inc has raked in $47 million in pre-series C funding round with venture capital firm Yunqi Partners becoming a dedicated sponsor. Other stockholders Frees Fund, China Creation Ventures and Youza Interactive also participated in the round.

The funds will be used to boost its business analytics, big data engineering and AI teams in R&D, and expand its reach to international markets, it said in a statement.

“… Influenced by dynamic updates in business regulations as well as unprecedented shifts in consumer behaviour, banks are reallocating focus to consumer finance and SME loans. That’s the market in which IceKredit can shine – a 3rd party risk control company can utilize AI technology to improve both the efficacy and efficiency of various financial companies and institutions. Fortunately, there is still a lot of room for IceKredit to develop in the future,” said Chengyu Mao, founder and partner of Yunqi Capital.

Yunqi Partners is an early-stage venture capital fund focusing on the area of internet-related startups.

Founded in 2015, IceKredit provides service for subprime customers not covered by FICO and other credit bureaus using artificial intelligence technology, to help them get loans with relatively low-interest rates. Its clients include Bank of China, Industrial and Commercial Bank of China, among others.

It provides universal risk-management systems for banks and financial institutions that counteract fraud, admits trustworthy customers, computes and approve financial transactions, enforces security through real-time monitoring, among other things.

IceKredit team consists of fintech scientists and engineers and have come from companies such as ZestFinance, Lending Club, JB Morgan, Bank of America, Microsoft, among others.

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