Shanghai-based Jinzao Financial Information Service, operator of online and mobile vehicle-purchasing crowdfunding platform for used car dealerships Wei C Licai, recently announced completion of RMB 36 mln in Series A funding led by Incapital. The funding will be used for market expansion, business and risk control system development, and Wei C Licai operation.
Also participating in the round were Enniu Network Technology, operator of credit card management app 51 Xinyongka Guanjia, Yingcan Investment Management Consulting, operator of P2P online lending industry portal Wangdaizhijia.com, and pre-Series A investor Rushan Investment Management.
Currently, the company's main products include "Wei C Qiche," a mobile service for car dealerships, and "Wei C Licai," an online and mobile used-car crowdfunding platform aimed at consumer-level investors.
Wei C Qiche provides dealerships with services such as automobile information, license transfer, and maintenance analysis, among others.
Wei C Licai uses an automobile crowdfunding model to help car dealers purchase used cars. Individual investors put up 80% of the capital to purchase vehicles, and dealers put up the remaining 20%. After the dealer sells a car, investors are paid their share of dividends and earnings.
Wei C Licai currently has accumulated a total of RMB 1.6 bln in investments, with a monthly transaction volume of RMB 200 mln. The platform has made partnerships with over 1,000 car dealerships in 20 cities nationwide.
Jinzao won RMB 7-digit angel funding in 2015 from New Gen Partners, and secured pre-Series A funding in 2016 from Fenghou Capital, Gobi Partners, and Rushan Investment Management.
Editor's Note: For more information on this topic, please see "Mobile Vehicle-purchasing Crowdfunding Platform 'Wei C Licai' Lands Pre-A," MD 5/03/16 issue.
Keywords: funding Series A Incapital online lending mobile lending Wei C Qiche Wangdaizhijia automobile Internet 51 Xinyongka Rushan Enniu Yingcan Jinzao Financial Wei C Licai financial services VC M&A