China-based automotive finance provider Shenma Finance has secured RMB300m ($47m) in series C funding from investors including online lender CreditEase’s Financial Industry Investment Fund, China Money Network reported on Monday.
Financial services marketplace operator Tongbanjie Group also participated in the round, as did private equity firm Hina Group, venture capital firm China Growth Capital and private equity and VC firm ChinaEquity Group, according to a post on Shenma’s WeChat account.
Shenma Finance supplies financing for those wanting to purchase motorcycles or scooters, as well as supply chain financing for dealers, and targets a mainly rural customer base. It operates in more than 2,600 towns and counties across 31 Chinese provinces and regions.
ChinaEquity Group had previously supplied approximately $14m in series B+ funding for Shenma in January 2017, DealStreetAsia has reported.
Shunwei Capital and Northern Light Venture Capital had previously invested a nine-figure renminbi sum for the company’s series B round, according to China Money Network.
The series C capital will enable Shenma Finance to expand into four-wheeled vehicles, a sector where it is particularly interested in new-energy vehicles. The company has almost 30 lending partners and expects to issue more than RMB10bn in loans this year, according to Marbridge Consulting.