Chinese used-car credit site Chedai gets fresh money
10 Jan 2017
Chedai.com, the Chinese site for used-auto loans, completed a series B funding round of RMB 360 million ($52 million U.S.), it was announced at a news conference in Beijing.
Youjin Capital and Addor Capital led the round, with participation from Matrix Partners, CreditEase New Finance Industry Investment Fund, and online finance operator 360jinrong, reported the Chinese site 36Kr.com on January 5.
In April 2016, Chedai.com received RMB 217 million in a series A+ funding round from China Growth Capital, with participation from Youjin Capital and Matrix Partners. The company is already preparing for series B+ funding, revealed founder and chairman Li Haiyan.
At the news conference the launch of a used-car information-sharing platform called Dass was also announced, as well as the joint publication of the report on “Financial risk related to used cars in China” with IResearch Consulting Group.
Dass offers vehicle-information checks, inspections, regulations and notices. Users can check a vehicle’s make, model, mileage and status using the VIN (vehicle identification number), and the platform also has different levels of authorization to ensure client information is kept secure.
Chedai.com is operated by Shanghai-based Fengzhixing Automobile Financial Information Service. It began as a used-car financer and provides lines of credit from RMB 50,000 to RMB 50 million to companies in the auto industry, such as dealers, transporters and rental companies.
The loan terms on offer range from 1 month to 2 years, and the company offers a number of niche services to consumers and enterprises, such as inventory financing, purchase-order financing, in-transit inventory financing, and commercial vehicle financing.
Chedai.com has partnerships with more than 70 percent of large and medium-sized used-car dealers in China, covering 80 cities in 30 provinces. It accounts for six percent of China’s total used-car market, and issued more than RMB 12 billion in loans in total in 2016.
For more information, see 36kr.com.