Provide full life cycle services for companies on the Internet platform.
It is learnt that “Rong Yi Suan” has recently officially announced the completion of Series A financing led by Sequoia Capital China Fund and Series A + financing led by GGV Jiyuan Capital. Acting as exclusive financial advisor. Co-founder and CEO Shangguan Chunmei told 36Yuan that the current round of financing will be used for continuous product iteration, improve the professionalism of fiscal and tax services, accelerate the expansion of offline service providers, and deepen cooperation with traffic platforms.
As of now, more than one year has passed since the establishment of Rong Yi Suan. Earlier, Rongyishu obtained tens of millions of yuan angel round financing in December 2018. The listed company Xinyada (600571.SH) and Daosheng Capital jointly led the investment, and Yisheng Investment followed.
According to statistics, at the end of 2018, the number of small and medium-sized enterprises in China exceeded 39 million, and the number of micro enterprises, that is, individual industrial and commercial households and rural cooperatives, exceeded 70 million. Small, medium and micro enterprises accounted for 99.6% of the total market players. With the continuous penetration of the Internet and the deepening of domestic fiscal and taxation reforms, the demand for corporate services such as fiscal and tax compliance for SMEs has also exploded. The general characteristic of the finance and tax industry is its trivial business, which is even more a cost item for newly established SMEs. Ordinary SMEs will outsource their business to the nearest local bookkeeping company without hiring relevant personnel, so the bookkeeping industry is geographically dispersed and the industry concentration is low.
The model of financial integration is to integrate offline enterprise service providers through self-developed financial and taxation tools and information systems “smart financial and taxation SaaS platform” to provide full life cycle services for companies on the Internet platform. Such as tax reporting, accounting and so on.
Rongyishu co-founder and CEO Shangguan Chunmei said that after the last round of financing, Rongyishu completed an important transformation and upgrade:
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From the perspective of products, the main product of Smart Finance “SaaS platform for intelligent finance and taxation” has improved the original financial accounting function and introduced one-click tax reporting, which can cover more than 20 provinces. Tax reporting needs. In addition, Rongshuai also established a complete SOP business system, from financial and tax tools to customer management, accounting field management, etc., can cover more needs of corporate customers, and provide them with terminal applications, real-time query of the company’s operating conditions, all Business processes are online and visualized, and service standards of service providers have been further improved.
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At the business level, the users targeted by Rongyishu are mainly large and medium-sized Internet platforms.Complete business capabilities that divert to delivery. Enterprise users can select the financial accounting services through the interface on the traffic platform, and the financial accounting is then distributed to the corresponding service providers. In the delivery process, Rongyishu has cooperated service providers in 150 cities across the country, and has established an SOP service system to provide financial and tax services for tens of thousands of small and medium-sized enterprises.
Shangguan Chunmei said that after this round of financing, the financial and accounting team will continue to improve the professionalism of financial and tax services, and quickly launch the business. In terms of products, the financial and taxation tools will be further expanded to the middle of the business, and a service standard system will be established. The platform does deep docking.
In addition, Rongyishu has recently perfected and upgraded a series of solutions to help small and medium-sized enterprises reduce their burdens and jointly survive the special period of the epidemic. According to Shangguan Chunmei, firstly, Rongsei has accelerated the construction of a contactless online service system, including OCR function, one-click extraction of invoices, and opening of ports with systems such as the park and industry and commerce, so that the early cooperation delivery to the platform business operation can basically Complete full online circulation, business personnel do not need to have any actual contact offline.
Furthermore, for platform-based Internet companies, Rongyishu will focus on these platforms to help them establish their own national service system. For example, in addition to financial and tax services, financial accounting also extends to the front-end transaction link. Local service providers are managed through a standardized service system, which helps the platform to establish a national service system and provide more value-added services to end users, such as manpower, social security, and finance. Services such as business data analysis are currently in the R & D plan.
In addition to the small and medium-sized enterprise market that financial and tax companies are targeting, a major feature of financial integration is that it has a focus on the incremental market that was created after the introduction of the e-commerce law. The main bodies of the e-commerce industry include individual industrial and commercial households and high-income people, and the volume is huge. Typical examples are B2C e-commerce sellers and business merchants on various new economic platforms. The properties of these platforms determine that accounting companies need to have cross-regional service capabilities. In the future, the new economy and tax market for Internet commerce will also be the development focus of financial integration.
The core team of Rong Yi Suan is composed of senior entrepreneurs and Alibaba senior management team. Chairman Liu Chao has more than 10 years of entrepreneurial experience and rich corporate service experience; CEO Shangguan Chunmei has worked for Alibaba for 16 years. Baba M4, the first group of core members of the China Iron Supply Army, was the founder and head of Fujian, Guangzhou, and Nanjing branches, and was responsible for the group government affairs and business services operation of Amoy Department; CTO Zhao Wenbo worked for Ali for 9 years, former Alibaba P9 , Alibaba senior product expert, leading the data analyst team and data product team, serving and supporting the entire Taobao and mobile Taobao business; CDO Zhao Xuebo worked for Alibaba for 12 years, formerly Alibaba P9, and has built Taobao Tmall’s data analysis and Big data applicationTaiwan, responsible for the construction of merchant CRM and the supply chain data and product construction of Ali Zhongtai. In addition, the Rongyi calculation backbone team also has a number of former Alibaba P8 and senior financial and tax industry practitioners.
Zhou Yan, a partner at Sequoia Capital China Fund, said: “The huge and decentralized financial and tax market contains huge opportunities for innovation. The founding team of Rongce Computing has rich Internet giant experience and keen industry insight. Platform upgrade and empowerment, online process and standardized service system are the paths to respond to the market demand for fiscal and tax standardization and e-commerce compliance. We are optimistic about the continuous empowerment of financial, tax and service providers, and small and medium-sized enterprises by financial and taxable companies. Positioning, and actively support them to build a new ecosystem of corporate services and create new value in the financial and tax industry. “
GG Bing, Managing Partner of GGV Jiyuan Capital, said: “GGV has always been focusing on the corporate service track. Fiscal and tax services are a huge market of 100 billion yuan. As well as the team’s strategic thinking and execution capabilities. After this round of financing, GGV is very optimistic that the company can further enhance its online and offline operation capabilities and extend its value-added services to enhance the overall efficiency of the industry. “
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