China-based Leyue Health said to bag $16m in funding

Leyue Health, a technology platform which aims to improve the settlement of commercial insurance, has reportedly raised 115 yuan ($16m) in funding.

The Series B was led by Tongchuang Wiye and Guoke Investment, according to a report from sohu.

Having closed the round, the company will look to further its product research and development, increase its medical network coverage and enhance its data intelligence, it said.

China-based Leyue Health is a ‘commercial insurance direct payment platform’. Medical institutions and insurance institutions work with Leyue Health to access a one-stop service for online settlement of commercial insurance. Its technology helps to streamline various aspects of the claims process.

China is looking to boost its FinTech sector. The People’s Bank of China recently released a document which outlines the three-year plan to empower the space. It includes guiding principles including increasing user satisfaction, improving financial risk control and enhancing financial regulatory efficiency.

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