China-based insurtech platform Yuanbao has raised about CNY1bn ($155m) in a Series C funding round led by Source Code Capital.

Existing investors Cathay Capital, Hike Capital and Susquehanna International Group also joined the financing round.

Yuanbao offers products from insurers such as Taikang and Huatai, the online insurance start-up said in its WeChat post. Launched last year, the firm claims to have millions of paying users across China.

NetEase former vice-president Fang Rui developed Yuanbao’s online payment and e-commerce business.

Yuanbao uses big data and artificial intelligence to match buyers with appropriate products. It primarily focuses on the sales process and offers services such as insurance consultancy and underwriting.

The proceeds from Series C round will be used to fund the research and development (R&D) of core technologies. Yuanbao also plans to fast-track smart insurance services development.

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By GlobalData

The aim is to develop an integrated platform for health, insurance and medical care. This will enable commercial insurance for both health management and medical care.

This announcement comes after another Chinese insurtech, Waterdrop, raised $360m in an initial public offering (IPO) in New York last week.

Other developments in China

Multiple developments have occurred in the Chinese insurance industry this year, including the proposed sale of Dajia Insurance Group.

Also, Germany-based Allianz agreed to purchase the 49% holding it does not already own in Allianz China Life Insurance (AZCL) – its life insurance joint venture (JV) in China.

In February, Hong Kong-based AIA Group and investment firm China Strategic were reportedly among the final bidders for Bank of East Asia’s (BEA) life insurance business, BEA Life.