Payment services firm Lakala is investing more than $42m in the fund and has so far sourced the same amount from two state-backed investors.
China-based payment services provider Lakala Payment intends to raise RMB1bn ($141m) for a strategic investment fund that will target financial technology developers, DealStreet Asia reported today.
Founded in 2005, Lakala offers third-party payment services to businesses, and has branched out into other financial segments such as consumer lending and wealth management services. It floated on the Shenzhen Stock Exchange in April this year.
The company will put up approximately $42.4m in capital for the fund, according to a regulatory filing…
