C2C Used Car Sales Platform Souche Secures USD 100 Mln Series C
iYiou, 11/15/16
Beijing-based Souche Holdings, operator of online C2C second-hand car sales platform Souche, recently announced completion of USD 100 mln Series C funding from Ant Financial, the financial services affiliate of Chinese e-commerce conglomerate Alibaba Group (NYSE: BABA), and car hire service operator UCAR (838006.NEEQ). Souche will use the funding and resources from its strategic investors to expand its Software as a Service (SaaS) offerings beyond used cars to include new vehicle sales. It will work with Ant Financial to develop a vehicle financial services platform that will use big data and scenario-driven automotive financing transactions.
Souche also announced a credit-based vehicle financing solutions product called "Qiangge Che" which combines credit data and financial services from Ant Financial's online banking affiliate MyBank with product design and marketing services from Souche. A representative for Souche said that Qiangge Che will provide low down-payment and flexible-term vehicle financing solutions.
Souche currently specializes in used car sales transaction support services. It offers complete marketing and business management systems for used car dealerships, and its users include more than 80% of used car dealerships in China. According to data from Souche, more than RMB 10 bln in transactions are completed using Souche's SaaS systems every month, amounting to 20% of total used car transactions in China. The platform is still growing at approximately 10% every month.
Editor's Note: For more information on this topic, please see "Used Car C2C Operator Secures USD 8-Digit Funding," MD 9/23/13 issue.
Keywords: M&A e-commerce Internet funding C2C second-hand Software as a Service Series C Alibaba Group financial services Souche BABA UCAR 838006.NEEQ Ant Financial Group
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