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Du Xiaoman Financial, also known as Baidu Financial Services Group, is a financial technology firm specializing in providing short-term loans and investments that is headquartered in Beijing, China and was founded in 2015. The firm is a subsidiary of Baidu. Partners working with Du Xiaman financial include the Agricultural Bank of China, China CITIC Bank, the China Minsheng Bank, and two other Chinese banks.
On April 29, 2018 Du Xiaoman Financial announced a $1.9 billion fudning round lead by TPG Capital Management LP and Carlyle Group LP. The funding will be used for the firm to better compete with Alibaba Group Holding and Tencent Holdings while seeking investments outside of its traditional internet search businesses. At the time of their funding, the firm also announced that Guang Zhu, the senior vice president of Baidu and general manager f Du Xiaoman Financial, will become the CEO of Du Xiaoman Financial. Zhu told reporters about his plans for Du Xiaoman Financial by saying:
In the coming age of FinTech, Du Xiaoman will leverage the technological capabilities of Baidu AI to partner with financial institutions and provide technology-driven, trustworthy financial services to consumers in China.
