Online P2P Financing Platform Weidai Wins RMB 1 Bln Series C
Caijing.com.cn, 5/23/16
Hangzhou-based Ruituo Technology, operator of online P2P financing platform Weidai.com.cn, has announced the completion of RMB 1 bln Series C funding led by Vision Knight Capital and with participation from China Capital Management and Dongyi Risheng Decoration (002713.SZ). Ruituo also confirmed that it had reached a depository agreement with a bank.
Weidai is an internet finance services platform specializing in automobile mortgage-backed loans. For risk management, the platform's depository deal will see it use the bank's systems to manage the separation of Weidai's funds from those of its users, as well as to supervise transfers.
Weidai CEO Yao Hong revealed that the platform's commercial department already has more than 230 offline operations centers, and that this year the company will increase investments to enhance its technology, risk management and operations capabilities. Weidai is also looking to set up a marketplace for car installment payment plans, offer online financing, dealership loans and other products, as well as enter the mortgage and personal loan markets.
Weidai in June 2014 raised RMB 100 mln in Series A funding from Shanda Capital, among others, followed by an undisclosed amount of Series A+ funding from Zheshang Venture Capital Management in December of the same year. In September 2015, the company received RMB 150 mln Series B funding led by Hakim Information Technology.
Editor's Note: For more information on this topic, please see "P2P Financing Platform Weidai Lands RMB 100 Mln Funding," MD 6/18/14 issue.
Keywords: online lending Dongyi Risheng Decoration 002713.SZ Yao Hong Internet funding P2P Series C Vision Knight Ruituo Weidai China Capital Management VC
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