JD.com's financial services spinoff has raised at least $1.95bn at a reported $18bn valuation from backers including Bank of China and CICC.

JD Finance, the financial services provider spun off from e-commerce firm JD.com, has secured “at least” RMB13bn ($1.95bn) in funding at an $18bn valuation, Reuters reported today.

The cash came from BOCGI and CICC Capital, respective subsidiaries of financial services firms Bank of China and China International Capital Corp (CICC), private equity group Citic Capital and brokerage firm China Securities, according to people with direct knowledge of the matter.

JD Finance provides a range of financial services including consumer loans,…