HRfax closes RMB50m Series A round

HRfax recently officially announced that it has received 50 million yuan in Series A financing round. The investor is Cowin Capital. Proceeds from this round of financing will be used for new project incubation and industrial polymerization.

HRfax recently officially announced that it has received 50 million yuan in Series A financing round. The investor is Cowin Capital. Proceeds from this round of financing will be used for new project incubation and industrial polymerization.

Earlier, HRfax secured 10 million yuan Pre-A round led by Hengsheng Technology in August 2016.

Established in 2015, HRfax is a technology service provider focusing on consumer finance. The company mainly targets traditional financial institutions, commercial banks, and licensed consumer finance companies to provide them with infrastructure services for consumer financial services, as well as business scenarios, risk control, and operations.

In the meantime, HRfax also includes other partners in the ecosystem including merchants, loan institutions, etc., on the cloud platform to achieve full online business processes.

Zhou Bo, founder and CEO of HRfax said that consumer installment loan requires higher professional capabilities in risk control, operation, and scenario construction, but it was still a relatively marginal business of banks before 2014, and the transformation was relatively slow in infrastructure construction. 2014 was a turning point.

Due to the rapid growth of business volume, the bank realized that only by rapidly promoting the overall technology of the installment business system and achieving a rapid improvement in user experience can it take the lead in the market; and HRfax seized this market opportunity.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/05/30/hrfax-closes-rmb50m-series-a-round/.

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