Chinese start - up , Shuidihuzhu , has raised $ 7.7 million for its P2P insurance venture to help critically ill users and others struggling with high medical fees . The insurance kicks in when a user is diagnosed with a serious illness such as cancer it then crowdfunds the medical fees from all of its users . The idea is that a very small amount from each user brings in a large amount for use in individual treatment . Shuidihuzhu 's , which translates to " water drop aid ” in English , has been backed by firms including internet giant Tencent and apple 's largest group investment site , Meituan - Dianping among others .
Chinese start-up, Shuidihuzhu, has raised $7.7m for its P2P insurance venture to help critically ill patients and others faced with high medical fees. The insurance kicks in when a user is diagnosed with a serious illness such as cancer it then crowdfunds the medical fees from all of its users. The idea is that a very small amount from each user results in a large amount for use in individual treatment. Shuidihuzhu's, which translates to "water drop aid” in English, has been backed by firms including internet giant Tencent and China's largest group deal site, Meituan-Dianping among others.