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Billionaire-Backed Fintech Becomes Hong Kong’s Latest Unicorn With $458 Million Round, Baillie Gifford Joins As A New Investor

Tuesday, August 08, 2023

(Forbes by Catherine Wang) - Financial technology startup Micro Connect – backed by the likes of Hong Kong billionaire Li Ka-shing and property tycoon Adrian Cheng – announced it raised $458 million in a Series C funding round, valuing the two-year-old startup at $1.7 billion.

The funding round included participation from new investor Baillie Gifford, a Scottish investment firm that’s backed tech giants Amazon and Tesla, Micro Connect told Forbes Asia. Also participating in the round were returning investors such as billionaire Neil Shen’s Sequoia China (which Sequoia will rebrand as Hongshan next year), Lenovo Capital, Vectr Fintech and Dara Holdings.

The fresh capital brings Micro Connect’s total equity raised to $578 million, on the back of its $70 million Series B funding round last March.


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