Little-known Chinese insurance technology startup Yuanbao has raised nearly 1 billion yuan ($156 million) in its series C funding round, the company said on social media Monday.

The round was led by Source Code Capital with participation from investors including Cathay Capital, Hike Capital, Northern Light Venture Capital, Qiming Venture Partners and Susquehanna International Group, Yuanbao said.

Yuanbao, which has amassed millions of paying users since its inception last year, says that it uses big data and artificial intelligence technologies to match customers with suitable products from domestic insurance companies.

China’s online life and health insurance market is expected to more than triple to 592 billion yuan in premiums in the five years through 2024, according to research firm iResearch.

Yuanbao’s announcement came just days after its domestic rival Waterdrop made its debut on the New York Stock Exchange. Waterdrop, which has been losing money since its founding in 2016 despite strong sales growth, runs an online platform connecting insurance firms with users, as well as a medical crowdfunding platform that aims to help patients with severe illnesses raise money to pay hefty medical bills.

Contact reporter Ding Yi (yiding@caixin.com)

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