Chinese AI-powered risk management platform IceKredit raises USD 47 million

Its clients include leading banks and financial companies in China.

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The Shanghai-based artificial intelligence startup IceKredit has closed its Pre-Series C round financing, bagging RMB 335 million (USD 47 million) from investors, 36Kr reported on Friday.

State-owned Shanghai International Group led this round, while previous investors, including Yunqi Partners, also joined. The new valuation of the company has not been disclosed, although the recent fundraising is the largest ever obtained by IceKredit.

The fintech startup plans to use the new funds to enlarge its R&D team, expand its business overseas and invest upstream and downstream, said Gu Lingyun, founder of IceKredit.

IceKredit, founded in 2015, features an AI-powered credit evaluation Software as a Service product meant to control financial risks. The company claims to apply machine-learning algorithms and big data to prepare credit assessments of individuals and small to medium-sized enterprises.

Its clients also include large financial institutions such as the Bank of China and the Industrial and Commercial Bank of China, fintech companies such as the US-listed firm Lexin, in addition to online platforms such as the Soft Bank-backed online used-car dealer Guazi.

36Kr is KrASIA’s parent company