HNA subsidiary E-Life Financial to close 4-billion-yuan B round
HNA Group’s financial arm is about to complete its series B round funding and raise more than RMB 4 billion in the round. This will put its value at around RMB 8 billion.
E-Life Financial, or Yisheng (Easy Life) Financial is close to receiving over RMB 4 billion in its series B round, according to Shanghai newspaper Di Yi Cai Jing on September 18. The round, which will boost its estimated value to nearly RMB 8 billion, will be China’s second single largest financing round this year, after the record USD 4.5 billion (around RMB 30 billion) funding round in April by Alipay’s parent company Ant Financial.
E-Life Financial, a core HNA Group subsidiary for tourism financial service, operates in finance, payment and value-added tourism services. Its services include online payment, prepaid card issuing and processing, and merchant services. All HNA-affiliated airline and tourism companies, including Hainan Airlines, Capital Airlines and Caissa Touristic, have been connected to the conglomerate’s various financial services.
E-Life Financial posted operating revenue of RMB 1.87 billion in 2015, according to the company’s brochure. The company is currently China’s largest financial service provider in the business travel segment and has been turning in a profit for the past two years, mostly from its service fees charged for currency exchange and payment services. The company anticipates its operating revenue will rise to around RMB 20 billion in three years.
Di Yi Cai Jiang reported that the undisclosed investors of the company’s B round made their investments in cash.
E-Life Financial fully acquired London-based currency exchange operator International Currency Exchange (ICE) from Lenlyn Holdings for an undisclosed amount in April 2016. (Translated by Jerry)