IceKredit Completes 110 Million RMB Series A Round Following Angel Round Investment from YUNQI Partners

SHANGHAI, May 4, 2017 /PRNewswire/ -- IceKredit is an independent credit evaluation institution for small and micro enterprises based on big data. Recently, its founder and CEO Lingyun Gu announced that it had completed a 110 million RMB Series A round at the end of 2016, led by China Creation Ventures(consisted of the original KPCB Chinese team), followed by Lingfeng Capital, alongside all existing shareholders.

Previously, IceKredit received a 20 million RMB angel investment from YUNQI Partners, FreeS Fund and Will Hunting Capital, as well as a 20 million Series Pre-A round from one listed company and Lujiazui fund.

Michael Mao, Co-founder of YUNQI Partners said that YunQi Partners was an angel round investor for IceKredit. He has had a good relationship with the founder of IceKredit, Lingyun Gu, since Gu worked as EIR (the settled entrepreneur) in IDG. After founding YUNQI Partners, he has focused on innovation and dynamics in financial technology and other related fields and taken IceKredit as one of the layout companies of YUNQI Partner in financial technology. YUNQI Partners is confident in Dr. Gu Lingyun and his team, and is optimistic in regards to the development prospects of Gu using big data to improve the risk control effect and efficiency of credit institutions. In this way, YUNQI Partner will continue to provide support to IceKredit.

IceKredit products include Individual Credit Evaluation System and SME Credit Evaluation System. Individual Credit Evaluation System consists of an anti-fraud engine, personal credit portrait and a function for the restoration of missing customer contact information. SME Credit Evaluation System consists of multi-leveled SME credit assessment and all-round SME Portrait. IceKredit also provides whole-process, online loan management solutions for banks, P2P platforms, consumer finance companies and micro lending companies.

Lingyun Gu said, after this round of funding, IceKredit will continue to focus on the following three directions:

1. providing independent third-party risk control service without participating in lending;

2. grasping the window period for traditional financial institutions to meet changing credit risk control requirements, providing enterprise credit assessment for more joint-stock banks and city commercial banks and helping financial institutions to extend their businesses;

3. providing whole-process loan management service for consumer finance companies, small loan companies and other financing companies from customer acquisition, pre-loan risk control to post-loan risk management.

IceKredit has had hundreds of paying customers.

Lingyun Gu believes that Chinese financial enterprises have misconceptions of "trust", hoping to be in charge of all the processes from front-end data collection, flow acquisition to anti-fraud, risk control and the back-end docking funds. But in fact, with a third party professional institution, the whole process will be more economical and efficient. "Limited to their own operation mechanism, traditional financial institutions respond slowly to market demands. It usually takes them several months from data acquisition to modeling, during which the market has undergone new changes. In this way, the window period for traditional financial institutions to provide risk management model service will always exist," Lingyun Gu explained.

Currently, IceKredit has a team of 103 members and offices in Beijing, Shanghai, Los Angeles, Nanjing, Changzhou and Chengdu. Its founder Lingyun Gu, who focuses on machine learning and data mining, graduated from Carnegie Mellon University and received his masters and PhD degrees in Computer Science.  When he was working in the US, he developed the first four generations risk control models for ZestFinance and worked as the co-founder and chief risk control officer of Turbo Financial Group.

About Yunqi Partners

Yunqi  is an early stage venture capital fund with > US$250mil AUM, established in July 2014. Yunqi focuses on IOT/Robotics, Big data/Cloud Computing and Fintech. Awards received: 2016 Master List's China Top 100 Venture Capital Investment Organizations, 2016 Investment Organization List's China Annual Top 50 Foreign Capital Investment Organizations, 2016 Investment Organization's List Annual Top 10 Newly-developing VC Investment Organizations, 2016 Zero2IPO Group China Top 100 Venture Capital Investment Organizations.

SOURCE Yunqi Partners