Mobile Vehicle Financing Service 'Shenma Financial' Wins USD 8-digit Series A
36Kr.com, 11/03/15
Shanghai-based mobile vehicle financing platform operator Shenma Online Financial Information Service ("Shenma Financial") recently received RMB 8-digit Series A funding led by Frees Fund, with participation from Shunwei Capital, the venture capital firm co-founded by Chinese Android device maker Xiaomi's CEO Lei Jun.
Shenma Financial was founded in January 2015 and currently offers two mobile apps, Mianxibao and Xinyongdai.
Mianxibao is aimed at helping consumers purchase a vehicle by issuing interest-free loans. In order to receive a loan, vehicle merchants must upload a potential customer's relevant user information to the Mianxibao app, and Shenma Financial will verify the customer's credit history and records through its partner companies. If approved, customers can receive a 6-month interest-free loan. Once the loan has been approved and sent to the customer, Mianxibao will deduct the relevant loan amount owed each month from the user's bank account. If late payments occur, they will be reported to The People's Bank of China's credit department, and the platform will begin debt collection measures.
Xinyongdai is aimed at electric bike dealers, providing 10- to 40-day interest-free loans. The loans are primarily issued to counter cash flow problems. Once a loan application is submitted, Shenma Financial will verify the merchant's information. If approved, merchants will receive an RMB 100,000 to RMB 1 mln line of credit.
To date, Shenma Financial has signed 1,000 2- and 3-wheeled electric vehicle and motorcycle distributors, and plans to sign all of China's 138,000 distributors over the next year and a half.
Keywords: Shenma Financial financial services credit rating mobile lending funding wireless Series A Shunwei Frees Fund electric vehicle
Sending
