BEIJING & SHENZHEN, China--(BUSINESS WIRE)--Shenzhen Suishou Technology Co. (“Suishou” or the “Company”), a leading personal finance management platform in China, and global investment firm KKR today announced the signing of a definitive agreement under which KKR will invest in Suishou’s Series C funding round to support the Company’s expansion across China.
Suishou’s partnership with KKR expands the Company’s group of world-class investors, which include Sequoia Capital, Fosun Group and Source Code Capital.
Suishou enables individuals to better manage their personal finances by providing them with a one-stop mobile destination to track spending, organize budgets, and manage credit card usage. Suishou’s popular mobile applications include personal bookkeeping app Suishouji (随手记) and fully automated credit card manager Cardniu (卡牛). The Company’s apps have been downloaded over 300 million times, making it the largest mobile personal finance management platform in China.
Much of the Company’s success stems from China’s growing middle class and rising urbanization. With these favorable demographic changes, disposable incomes of urban consumers have been expected to double between 2010 and 2020, according to McKinsey. As these consumers have become wealthier and more focused on their personal finances, there has been a growing demand for resources to help them manage their planning and budgeting.
Gu Feng, CEO of Suishou, said, “We are very excited to work with a high-caliber partner like KKR, which shares our vision for growth and can leverage its experience in China and the financial services and technology industries to support our expansion. The Suishou team is excited to build on our success as China’s most-used personal finance management platform and enhance the lives of hundreds of millions of users who increasingly seek solutions to manage their budgets and achieve financial independence.”
Paul Yang, Member and CEO of KKR China, said, “With rising per capita income and growing awareness of financial planning, more people are adopting online tools to manage their wealth. Suishou is a leader in the industry with best-in-class technology and an experienced management team. We’re extremely excited to partner with Gu Feng and the whole Suishou team.”
KKR makes the investment from its Asian Fund III. Further details of the transaction were not disclosed.
About Shenzhen Suishou Technology
Suishou Technology is the largest personal and household finance management platform in China, and a pioneer in the personal finance app category. Suishou Technology’s mobile apps, Suishouji and Cardniu, have serviced over 300 million users and are two of the top personal finance mobile apps in China. Our solutions are designed to help our users get smart about their assets through creating a budget plan, tracking expenses, making smarter spending decisions, engaging with fellow users and sharing financial knowledge. Suishou Technology aims to develop the personalized value chains of financial services that center around personal finance management, leveraging big data and artificial intelligence.
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate, credit and, through its strategic partners, hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside its partners' capital and provides financing solutions and investment opportunities through its capital markets business. References to KKR's investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE:KKR), please visit KKR's website at www.kkr.com and on Twitter @KKR_Co.