Shanghai-based Fengzhixing Automobile Financial Information Service, operator of second-hand automobile credit platform Chedai.com, has announced completion of RMB 360 mln in Series B funding at a press conference in Beijing. The round was led by Youjin Capital and Addor Capital, with participation from Matrix Partners, CreditEase New Finance Industry Investment Fund, and internet finance platform operator 360jinrong.
Chedai.com also announced the launch of a used car information-sharing platform "DASS," which provides vehicle information lookup, inspections, regulations, and notices. Users can look up a vehicle's make, model, mileage and status using the VIN (Vehicle Identification Number), and the platform also has different levels of authorization to protect client information security.
Chedai.com began as a used car financer, and provides lines of credit from RMB 50,000 to RMB 50 mln to companies in the auto industry, such as dealers, transporters, and rental companies. Chedai.com offers loan terms from 1 month to 2 years, and provides 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% of large and mid-sized used car dealers across China, covering 80 cities in 30 provinces. Chedai.com accounts for 6% of China's total used car market and issued more than RMB 12.0 bln in loans in 2016.
Chedai.com previously won RMB 217 mln Series A+ funding from China Growth Capital, with participation from Youjin Capital and Matrix Partners in April 2016, and the company is already preparing Series B+ funding, revealed founder and chairman Li Haiyan.
Editor's Note: For more information on this topic, please see "O2O Used-car Loan Platform Chedai Lands RMB 217 Mln Series A+," MD 4/11/16 issue.