About Embedded Finance sector in China
The Embedded Finance sector in China comprises 95 companies, including 53 funded companies having collectively raised $2.18B in venture capital money and private equity. Out of these, 21 are Series A+ funded, and 1 has achieved unicorn status.
Embedded Finance sector in China has seen 5 acquisitions and 3 IPOs. This represents almost 8.4% of all such companies - which is higher than the 5.0% exit rate of tech companies in general.
This sector includes companies providing solutions for Non-Financial companies to integrate/embed financial services like banking, payments, lending, etc with their main offerings.
It includes companies that are providing embedded banking, embedded insurance, embedded lending, and embedded investment solutions. It excludes companies that are using embedded finance solutions, payment gateways, banking software suite, Internet First Lenders, Internet First Insurers, and Internet First Bank
Top Embedded Finance Companies in China
There are 95 Embedded Finance startups in China which include PINTEC, Qudian, CoverGo, P Omni Prime, Fenqile. Out of these, 53 startups are funded, with 21 having secured Series A+ funding, and 1 achieving unicorn status.
Over the past 10 years, an average of 3 new companies have been launched annually. Notably, several of these startups have been founded by alumni of Hong Kong University of Science and Technology (HKUST) and University of Chicago.
Here is the list of top Embedded Finance startups in China
1. PINTEC
PINTEC provides retail financial solutions for financial institutions. Offers a credit decisioning solution; asset allocation solutions; an online mutual fund distribution solution. Also offers insurance services to individual clients and real-time consumer information to insurance companies.
Key facts about PINTEC
- Founded Year: 2013
- Location: Beijing (China)
- Stage: Public
- Total Funding till date: $113M
- Investors: Sina, Mandra Capital and 4 Others
- Latest Funding Round: Post IPO, Mar 16, 2023, $*****
- Tracxn Score: 62/100 What is this?
- Competitors Rank: 2 of 16 Competitors
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2. Qudian
Qudian offers an online platform for purchase financing. It operates an online storefront and lets buyers pay in installments. It finances smartphones, laptops, and other consumer electronics. Customers can choose items from e-commerce sites like Tmall and JD, and then pay for them via Qudian by selecting a down payment and the number of months in which they will pay off the remainder.
Key facts about Qudian
- Founded Year: 2014
- Location: Xiamen (China)
- Stage: Public
- Total Funding till date: $929M
- Investors: BlueRun Ventures, Ant Group and 6 Others
- Latest Funding Round: Post IPO, Jul 01, 2019, $*****
- Tracxn Score: 58/100 What is this?
- Competitors Rank: 40 of 474 Competitors
3. CoverGo
Insurance claim management and quoting solutions for the insurance industry. It features software for sales & marketing, customer management, policy management, claims management, and more. It also offers solutions for underwriting, payment, reporting, and more.
Key facts about CoverGo
- Founded Year: 2017
- Location: Hong Kong (China)
- Stage: Series A
- Total Funding till date: $15M
- Investors: SemperVirens, FinTech Innovation Lab and 14 Others
- Latest Funding Round: Series A, May 09, 2022, $*****
- Tracxn Score: 54/100 What is this?
- Competitors Rank: 10 of 73 Competitors
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4. P Omni Prime
P Omni Prime provide mobile based purchase finance solution for retailers and O2O service provider. It uses artificial intelligence in the central decision engine. It performs fraud detection and full credit check is done automatically by the system. The team includes individuals from Sequoia Capital, Microsoft, Lenovo. The company has raised Series C funding from $50M. It claims to have about 700,000 unique borrowers and has lent a cumulative of $150M.
Key facts about P Omni Prime
- Founded Year: 2014
- Location: Shanghai (China)
- Stage: Series D
- Total Funding till date: $87.8M
- Investors: JD.com, Shunwei Capital and 6 Others
- Latest Funding Round: Series D, Mar 28, 2017, $*****
- Tracxn Score: 52/100 What is this?
- Competitors Rank: 60 of 474 Competitors
5. Fenqile
Fenqile allows users, primarily college students, to buy electronics they otherwise couldn’t afford via short- and long-term payment plans. The site has partnered with some of China’s largest ecommerce players, and allows users to pick up products like iPads and smartphones without paying the full price up front. Users can choose the length of the plan they want – options range from 3 months up to 18 months – and the interest rate varies accordingly. In the first half of 2016, It claims its customers bought $1.5B worth of products
Key facts about Fenqile
- Founded Year: 2013
- Location: Beijing (China)
- Stage: Series D
- Total Funding till date: $345M
- Investors: DST Global, JD.com and 4 Others
- Latest Funding Round: Series D, Jun 15, 2016, $*****
- Tracxn Score: 51/100 What is this?
- Competitors Rank: 65 of 474 Competitors
Companies founded year-on-year in the Embedded Finance sector in China
7 Embedded Finance startups in China were founded in 2021 - this is the most number of startups founded in any year in the last 10 years.
- Total Number of Companies
Year | No. of companies |
|---|---|
2025 | - |
2024 | 1 |
2023 | - |
2022 | 1 |
2021 | 7 |
2020 | 7 |
2019 | 5 |
2018 | 4 |
2017 | 7 |
2016 | 4 |
Stage-wise distribution of Embedded Finance sector companies in China
Out of the total 95 Embedded Finance companies in China, 53 have secured funding. Among them, 21 have reached Series A or higher, and 14 to Series B or beyond.
Founded - 95
Funded - 53
Series A+ - 21
Series B+ - 14
Series C+ - 11
Company Stage | No. of companies |
|---|---|
Founded | 95 |
Funded | 53 |
Series A+ | 21 |
Series B+ | 14 |
Series C+ | 11 |
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Funding Trends in the Embedded Finance sector in China
Total funding year-on-year in the Embedded Finance sector in China
The Embedded Finance sector in China saw a total funding of more than $1.91B in the last 10 years. The most amount of funding was in 2016 at more than $762M.
- Total Funding
Year | Total Funding |
|---|---|
2024 | $16.9M |
2023 | $6M |
2022 | $18.4M |
2021 | $22.4M |
2020 | $102M |
2019 | $300M |
2018 | $240M |
2017 | $117M |
Recent Funding Rounds in Embedded Finance in China
In the year 2024, till December 2024, Embedded Finance companies in China have raised $16.9M in equity funding across 3 rounds.
In the same period last year (i.e. till June 2023), Embedded Finance companies in China had raised $2M across 2 rounds.
So, 2024 has seen a 745.8% rise in funding in Embedded Finance companies in China as compared to 2023.
Here are some recent, important funding rounds in Embedded Finance companies in China:
Company | Round Raised | Amount Raised | Funding Date | Investors |
|---|---|---|---|---|
Seed | 7709 | Dec 30, 2024 | and 8 more | |
Seed | 2378 | Nov 28, 2024 | ||
Angel | 4133 | May 13, 2024 | - | |
Seed | 4580 | Jun 29, 2023 | ||
Seed | 7244 | Mar 06, 2023 |
Top Investors in Embedded Finance in China
Plug and Play Tech Center is the top investor in Embedded Finance companies in China based on number of companies invested.
Here are some top investors in Embedded Finance companies in China:
Investor | Location | Top Portfolio Companies |
|---|---|---|
Sunnyvale (United States) | - | |
Hong Kong (China) | - | |
Stockholm (Sweden) | - | |
Shenzhen (China) | - | |
Singapore (Singapore) | - |
M&A activity in Embedded Finance sector in China
In the year 2025, till September 2025, 1 acquisition happened in Embedded Finance sector in China.
Here are some recent, important acquisitions in Embedded Finance sector in China:
Company | Acquisition Type | Acquisition Date | Acquirers |
|---|---|---|---|
Business Acquisition | Sep 04, 2025 | ||
Business Acquisition | Mar 02, 2021 | ||
Business Acquisition | Feb 23, 2021 | ||
Business Acquisition | Sep 17, 2020 | ||
Acqui-Hired | Jan 25, 2016 |
Acquisition trends in Embedded Finance sector in China
Here are the acquisition trends in Embedded Finance sector in China:
- Total Number of Acquisitions
Year | No. of companies |
|---|---|
2026 | - |
2025 | 1 |
2024 | - |
2023 | - |
2022 | - |
2021 | 2 |
2020 | 1 |
2019 | - |
2018 | - |
2017 | - |
IPOs in Embedded Finance in China
In the year 2023, till September 2023, 1 IPO happened in Embedded Finance sector in China.
Here are some recent, important IPOs in Embedded Finance sector in China:
Company | IPO Date | Exchange Symbol |
|---|---|---|
Sep 18, 2023 | National Association of Securities Dealers Automated Quotations (NASDAQ) | |
Oct 25, 2018 | National Association of Securities Dealers Automated Quotations (NASDAQ) | |
Oct 18, 2017 | New York Stock Exchange (NYSE) |
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Colleges which produce the most Embedded Finance companies in China
Companies founded by alumni from top colleges in the Embedded Finance in China
Most number of Embedded Finance startups in China have been founded by alumni from Hong Kong University of Science and Technology (HKUST) and University of Chicago.
College | No. of companies |
|---|---|
Hong Kong University of Science and Technology (HKUST) | 1 |
University of Chicago | 1 |
Total funding in Embedded Finance companies founded by alumni from top colleges in China
In the last 10 years, University of Chicago graduates' Embedded Finance companies in China have raised the most funding among top colleges. Hong Kong University of Science and Technology (HKUST) alumni are second.
College | Total Funding |
|---|---|
University of Chicago | $175M |
Hong Kong University of Science and Technology (HKUST) | $30M |
Top News in Embedded Finance in China
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AlloyX Launches Real Yield Token on Polygon with Standard Chartered SupportAlexaBlockchain•Oct 02, 2025•AlloyX
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CoverGo Launches Next-gen AI-powered Health Claims Management PlatformFintech Finance•Dec 04, 2024•CoverGo
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Quantifeed and Thought Machine merge effortsPrivatebankerinternational•Jul 15, 2024•Thought Machine, Quantifeed
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Ethos Partners With Thought Machine to Pave the Way for Shariah-compliant Banking InnovationFintech Finance•Jul 08, 2024•Ethos Ventures, Thought Machine, Ethos Family Office, Quantifeed and 1 other
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CoverGo Unveils Next-Gen, AI-Powered Distribution Platform With a Growing List of Early AdoptersFintech Finance•Jun 05, 2024•CoverGo
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