Chinese WiFi Stealing App Now Woth $1 Billion After Funding Round

Chinese WiFi Stealing App Now Woth $1 Billion After Funding Round

Wifi Skeleton Key, WiFi万能钥匙 in Chinese, makes it possible for users to connect to millions of WiFi router hotspots across mainland China without the need for network credentials. I works like WiFi Companion, a similar app that raise US$9.75 million in funding at the end of last year.

The company has raised US$52 million in series A funding, according to a report by QQ Tech. The investment came from Haitong Securities and Northern Light Venture Capital, amoung others. The company has given up a total of 5.2% of it’s equity, which if accurate, means the company is valued at around US$1 billion. All ChinaNet hotspots are available to users of the app, giving them access to 8 million hotsports throughout the country. China Mobile, the world’s largest telecoms operator, runs the ChinaNet hotspots.

It works by crowdsourcing login credentials. Basically, whenever a user logs into a hotspot, their credentials are added to a central database that allows everyone who uses the app to use these pooled credentials, although they’re unable to view them to protect the identity of users.

There are currently 270 million active users each month, making it one of the most popular apps in China, third most popular according to the company, after Tencent’s due, WeChat and QQ Messenger.

Wifi Skeleton Key is available to download for Android, iOS, PC, and Mac.