Sino Credit Corp, a leading Chinese credit card distributor and service company, has received $10 million in investment from three international venture capital firms, the company announced yesterday.

Bodhi Investments LLC, a fund managed by Japan's SoftBank, SIG China Investment Fund and eGarden Ventures have agreed to inject $10 million into Sino Credit.

The three declined to reveal the respective investment from each.

The capital will be used to fund Sino Credit's rapidly growing credit card distribution system, which has expanded in the past three years into a network serving 20 first- and second-tier Chinese cities.

Darwin Tu, founder and CEO of Sino Credit, said the investment is key to the company's next stage of expansion. The company received $6 million in first-round investment from venture capitalists in 2003.

"Following the opening of China's banking sector on December 11, foreign banks may be allowed to issue their own credit cards at the end of 2007, and this provides a great opportunity for us," Tu said.

Sino Credit plans to expand its services from local banks to helping foreign lenders market and distribute consumer credit cards in China starting in 2008.

Founded in 2003, Sino Credit card currently serves nine leading Chinese banks, including Bank of China, China CITIC Bank and China Industrial Bank.

51 Credit, a subsidiary of Sino Credit, is the first credit card portal -www.51credit.com - to provide online credit card information and services to credit card users.

"51 Credit card marks the first investment by Bodhi Investments," said Jay Chen, partner at SoftBank China & India Holdings. The fund previously focused its investment in IT-related industries.

"We view 51 Credit card as an opportunity to take part in the fast-growing consumer finance industry in China. We believe the integrated marketing platform which 51 Credit is building will become a powerful tool in developing additional business lines," Chen said.

Bodhi Investment LLC, founded in June 2006, has invested in China, India and Southeast Asia, and is managed by SoftBank China & India, a wholly owned subsidiary of SoftBank, which made successful investments in Yahoo, and Alibaba.

"51 Credit is positioned to become the No 1 consumer credit company in China, initially focusing on credit card marketing and services," said Kevin Yung, principal at China Renaissance Partners, which provided financial advice to Sino Credit.

(China Daily 07/25/2007 page13)