360 Finance, a digital consumer finance platform, through its affiliate 360 Group, has acquired a 30% stake in Kincheng Bank of Tianjin.
As a result of this transaction, 360 Group has become the largest shareholder of the bank.
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Moreover, the bank is the third digital lender in China to receive backing from an internet giant.
Financial details of the transaction have not been made public.
The acquisition of Kincheng Bank provides 360 with a banking licence in China, which is said to help diversify its ecosystem.
360 Finance obtained a nod to offer online micro-lending, financing guarantees, consumer finance, and insurance brokerage and fund sales.
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By GlobalDataThe companies have previously collaborated in areas like technology and customer service, and the latest deal is expected to bring greater synergies for them.
360 Finance CEO and director Haisheng Wu said: “We believe this deal will allow us to generate greater operating synergies and further expand our financial ecosystem.
“It also showcases our determination to become the most respected fintech company in China in terms of planning for and staying ahead of regulatory compliance.”
Kincheng Bank’s comprehensive financial services are expected to help boost 360 Finance’s technology in the fintech space.
The bank will work with 360 to further lower funding costs, expand customer base and increase the loans facilitated through 360’s platform services.
Established in 2015, Kincheng Bank of Tianjin was one of the first five private banks approved by China Banking Regulatory Commission (CBRC) to implement certain financial reforms in the industry.
