Investments

China’s Wanwu Xinxuan eCommerce Platform Lands $20M; Experian Acquires FinTech Startup To Enhance Open Data Offering

Experian buys fintech and Wanwu Xinxuan lands funding

Chinese social eCommerce platform Wanwu Xinxuan has raised $20 million in a Series B round of financing led by Fresh Capital, with participation from Redpoint China Ventures, according to Deal Street Asia.

Launched in August 2018, Wanwu Xinxuan is an online retail platform selling children’s apparel, shoes and accessories.

And Experian Australia & New Zealand announced that it has acquired FinTech Look Who’s Charging.

Look Who’s Charging is integrated with a number of Australian banks, with data available to millions of Australians within its existing digital banking apps. Over 1 billion transactions are enriched every month through the company’s platform, giving consumers clarity on their spending.

The deal combines Experian’s global open data solutions with Look Who’s Charging’s advanced enrichment capabilities. The terms of the deal weren’t released.

“The acquisition — our sixth investment in Asia Pacific since 2017 (following venture investments in Grab, Jirnexu, C88 Financial Technologies, BankBazaar.com and CompareAsiaGroup) — demonstrates our ongoing commitment to investing in this region and using our advanced data and analytics expertise to remove complexity from the lending process. Bringing Look Who’s Charging and our innovative solutions together will help Australian organizations, and ultimately consumers, as Open Banking standards are adopted in Australia,” said Ben Elliott, CEO of Experian APAC, in a press release.

Look Who’s Charging Founder Stuart Grover added: “We are extremely excited to combine the technology and data we have built to support the Australian banks with Experian’s market-leading open data technology. We are very proud to have built Look Who’s Charging from an idea, born from the frustration of unrecognized transactions to a product which helps millions of Australian consumers, in under 4 years. With Experian’s scale, we have an opportunity to help solve more of the immediate problems faced by Australian consumers and financial institutions, whilst the Look Who’s Charging solution is also rolled out to other key markets around the world.”

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