In late June this year, Alipay announced that its wealth management platform offered over 4,000 wealth management products from 100+ asset management companies. This is interesting since there are only 124 asset management firms in China, as observed by the Asset Management Association of China. Today, WealthTech startups have created their impact on China’s financial ecosystem – by not only catering to companies but also individual consumers.

To give you an overview, according to Ernst and Young, the Asia-Pacific region in the wealth management market is growing at three times the rate compared to the rest of the world. Moreover, the wealth of China alone will be similar to the present-day US by 2030. Last month, we published an article on some of the top WealthTech startups in the US, which lead this market with $9.4 trillion in value. China comes in at second place with a market value of $6.2 trillion.

The growing investment in technology and innovation in the payments ecosystem of China by players such as Tencent Holdings and Alibaba has carved the way for the development of the WealthTech market. These include investment platforms, personal or enterprise finance management, financial research, and wealth management platforms. The broad nature of this market, therefore, allows for growth opportunities that firms can harness and deliver to other businesses as well as individual consumers. In light of this, MEDICI presents to you some of the leading WealthTech startups, which are bolstering China’s FinTech ecosystem:

1. Lufax, founded in 2011, is primarily a lending platform. Lufax has also expanded its services to include wealth management for the trading of financial assets. The platform utilizes big data and other technologies for risk assessment models and risk control systems. It helps asset owners with structuring, pricing, and placing complex assets to investors. The startup has raised $3 billion in total funding.
2. Suning Finance, founded in 2015, is a subsidiary of Suning Commerce Group. It offers different products such as crowdfunding, consumer loans, insurance, gift cards, equity investment platform, and a content platform which provides information related to wealth management. The startup has raised $814 million in total funding.
3. Wacai, founded in 2009, is a mobile app developer which offers a personal finance management mobile app. The app serves two major functions: first, to serve as a bookkeeping service; and second, a mutual fund trading platform. Its most recent feature is a credit card manager that is used for bill management. The startup has raised more than $330 million in total funding.
4. Feidee, founded in 2010, provides solutions for enterprise finance management. It provides budget management solutions for its customers, which can also keep track of their daily expenses online. The startup has raised $210 million in total funding.
5. Snowball Finance, founded in 2010, is a financial networking website. It brings together finance amateurs, fund managers, and investors to create content on the platform from financial news to investment portfolio strategy. Besides this, the platform also offers brokerage services; data across the US, Hong Kong, and Chinese stock markets; and sends alerts, news bulletins, and price change updates. The startup has raised $173 million in total funding.
6. Jinfuzi, founded in 2012, sells wealth management products, including mutual funds, trust, and asset management products, via its website and mobile apps, which are geared toward retail investors. Users can select their investment portfolio and risk-return preference. The startup has raised $102 million in total funding.
7. Touzhijia, founded in 2014, is an online platform that provides P2P and professional services for investors to make investing and financing more secure and efficient. It also plans to expand its business in wealth management and develop new financial products in insurance, trusts, and private equity. The startup has raised $80 million in total funding.
8. Tongbanjie, founded in 2012, is a mobile-based wealth management platform providing multi-category assets including supply chain finance, consumer finance, operating loans, and channel organization products to meet the diversified asset allocation needs of users. The app offers around 10 select low-risk finance products that users can purchase and redeem at any point by bundling bank cards. The startup has raised $60 million in total funding.
9. Webull, founded in 2016, provides an online financial information & trading platform for personal investors. Its products cover 20 countries and regions, 5 categories, 37 exchanges, and more than 100 thousand investment subjects. The startup has raised $51 million in total funding.
10. G-Banker, founded in 2014, is a Beijing-based, gold-trading O2O (online-to-offline) platform. It allows users to invest, extract, and deposit denominations of gold in real time. The startup has raised $45 million in total funding.
11. Gelonghui, founded in 2014, is a social investment research platform which provides financial news, research, and investment bank databases. It also provides market information, trends, and other services. The startup has raised $30 million in total funding.
12. Shenzhen Manqian Network Technology, founded in 2013, is a financial information portal which publishes financial news, financial advice, and interviews with financial experts. It also offers investment advice and financial planning. The startup has raised $22.5 million in total funding.
13. Lantouzi, founded in 2014, offers wealth management products for individual investors and financing for SMEs. The company runs a money platform that offers investment bonds online. It also solves operational financing needs for SMEs. The startup has raised $21 million in total funding.
14. InnoTREE, founded in 2014, is an intelligence platform which tracks investments and startups operating out of China across various sectors. The platform provides clients with investment trends, industry analyses, etc. The company also offers robo-advice services to its investors for wealth management. The startup has raised $15 million in total funding.
15. HowBuy, founded in 2007, is a third-party investment consulting company. It allows users to perform online trading activities and helps with investment plans. Its HowBuy Fund Research Centre offers an online trading platform as well as investment advisory. The startup has raised $4.7 million in total funding.

Source: MEDICI Database

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