Beijing Zongqing Xiangqian—also known as Shuidi, which translates to “water droplet”—announced on Wednesday that it has raised close to RMB 500 million (USD 74.4 million) in its Series B round. The investors included Tencent, Banyan Capital, and others.
Aside from an online insurance business, Shuidi runs a crowdfunding platform for patients with critical illnesses and a patient payout community.
Its crowdfunding platform, called Shuidichou, has raised RMB 12 billion for close to one million patients since going online in July 2016. In all, it has received 400 million donations in China. The platform charges no commission fees.
The patient payout platform Shuidihuzhu, which was established two months before Shuidichou, has a total of 75 million members, each of whom puts three to five yuan into the pot every month. If a member falls ill and needs others to help with covering major medical expenses, he/she can receive up to RMB 300,000 from the pot. Since this program’s inception, 2,500 households have received assistance. In all, those medical bills add up to RMB 350 million.
Shuidibao, which is Shuidi’s insurance distribution platform, went online in 2017, and is now partners with 50 insurance companies. The platform offers 60 health insurance products, and has so far served 10 million people in China, generating more than RMB 200 million in monthly premiums for the insurers at its peak.
Xu Haiyang, executive director for Tencent’s investment and M&A section, said that Shuidi has exhibited itself as a leader in the health insurance market in China’s third-, fourth-, and fifth-tier cities, adding that Tencent will continue to support Shuidi’s development.
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