Wu Tianhua, second from left, CEO of Tiger Brokers. [Photo provided to chinadaily.com.cn]
Tiger Brokers, a fintech-driven stock brokerage company, announced Wednesday it successfully closed an $80 million Series C financing, bringing the company's valuation to $1.06 billion.
The latest round is a co-investment led by Prospect Avenue Capital (PAC), Orient Hontai Capital and Oceanpine Capital.
"The capital from this round will be used to improve Tiger's technology-oriented infrastructure, strengthen our talent pool and accelerate the development of an all-in-one global asset allocation platform," said Wu Tianhua, founder of Tiger Brokers.
Liao Ming, a founding partner of PAC, said that Tiger Brokers has secured a relatively high market share and is developing rapidly. Zhao Xinghua, partner and chief investment officer of Orient Hontai Capital, said that the rise of the brokerage firm has been accompanied by the upgrade and improvement of traditional business models and infrastructure.
While founded 32 months ago, the brokerage's mobile trading application Tiger Trade, the mobile trading app built by Tiger Brokers, has seen its accumulated trading volume reaching $150 billion so far.
Before the Series C funding, Tiger Brokers had received a series of fundraising from more than 20 strategic investors. These include Wall Street investment guru Jim Rogers, Xiaomi Inc, ZhenFund, China Growth Capital and Interactive Brokers Group, the largest US online broker based upon daily average revenue trades.