Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Trending in China: Venerated Literary Translator Xu Yuanchong Dies at Age 100
Apple Touch-Screen Supplier Biel Crystal Plans Second Bite at Hong Kong Listing
Stop Annoying China With Spam Texts, E-Commerce Giants Told
Baidu Partners With Automaker BAIC on New Apollo Robotaxi
Trending in China: Wanda Tycoon’s Son Accused of Harassing a Woman for Four Years
Used Gadget Specialist Aihuishou Aims for $261 Million IPO
Retail Giant Suning’s Founder Has Shares Frozen Amid Cash Crunch
ByteDance Seeks to Monetize Its Recommendation Tech With Launch of Volcano Engine
Alibaba Developing Self-Driving Trucks With Logistics Arm Cainiao
Chinese LGBTQ Dating App Owner BlueCity Derives 80% of First-Quarter Revenue From Livestreaming
Huawei Opens Cybersecurity Center in South China to Share Best Practices
Hanson Robotics Launches Social Robot Prototype for Health Care
Geek+ Wins Contract from Hong Kong's Circle K to Deploy Depot Robots
Two Tesla Models Among China's Three Best-Selling Electric Cars in May
Xiaomi, Meituan Co-Lead New Funding Round for Lidar Developer Hesai
Dating Apps Operator Momo Reports Revenue and Profit Down as Paying Users Shrink
CATL and BYD in Talks with Apple for EV Battery Supply
Trending in China: Beijinger’s Tirade Against ‘Stinky’ Migrant Sparks Condemnation
Delivery Platform Dada Losses Swell Despite Healthy Revenue Growth
Xiaomi, Vivo and Oppo Sold One-Third of the World’s Smartphones in First Quarter
Online Insurance Upstart Yuanbao Bags $156 Million in New Funding

Ding Yi / May 11, 2021 06:57 PM / Business & Tech

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)

Related: Chinese Online Insurer Waterdrop Suffers 19.2% Share Price Decline in NYSE Debut

 


Share this article
Open WeChat and scan the QR code