Rural Vehicle Financing Platform Shenma Wins RMB 300 Mln Series C
The Beijing News, 5/07/18
Shanghai-based vehicle financing solutions provider Shenma Internet Financial Information Service announced today the completion of RMB 300 mln in Series C funding jointly led by Tongbanjie Fintech Group, China Growth Capital, and Hina Group. CreditEase New Finance Industry Investment Fund participated in the round and ChinaEquity Group made a follow-up investment.
With the completion of Series C funding, Shenma Financial will undergo a new round of strategic rearrangements, expanding from 2- and 3-wheeled vehicles to 4-wheelers and actively pursuing investment opportunities in the rural 4-wheel new energy transportation industry, according to founder and CEO Ning Rui.
Shenma Financial, founded in January 2015, provides financial services addressing the transportation needs of rural users, particularly with financing solutions for motorcycles and e-bikes. Shenma's installment payment app Shenma Fenqi provides consumer financing services to rural residents, while the company's mobile lending app Xinyongdai offers supply chain financing for vehicle dealers. Shenma Financial's services currently cover the rural market in more than 30 provinces (and provincial-level municipalities) across China, including over 50,000 2- and 3-wheel vehicle dealers and millions of consumers. Shenma Financial has nearly 30 capital partners and is expected to issue over RMB 10.0 bln in loans in 2018.
Editor's Note: For more information on this topic, please see Mobile Financial Services Provider 'Shenma Financial' Lands Series B+, MD 1/16/17 issue.
Keywords: mobile lending Ning Rui automobile VC M&A funding rural wireless Hina Group Series C ChinaEquity Group financial services Tongbanjie CreditEase China Growth Capital Shenma Financial Shenma Fenqi Xinyongdai installment plan
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