Ant Financial, e-commerce group Alibaba’s financial services affiliate, led a RMB280m ($39.8m) series A round for China-based transportation payment technology provider Shandong Hi-Speed Xinlian Payment yesterday.
Smart transportation technology producers Genvict and Beijing Wanji Technology also participated in the round.
Xinlian Payment develops and manufactures electronic toll collection systems that catalogue travel data and charge drivers on toll roads. It also offers other road technology products aimed at truckers covering areas like supply chain finance or digital refueling management.
The company was spun off by government-owned transport infrastructure provider Shangdong Hi-Speed Group. It intends to leverage the resources of its series A investors as it expands and introduces new products.
Ant Financial has already invested in several transportation technology providers, including ride hailing platform Didi Chuxing, bicycle rental service Hellobike and driving assistance software developer TransWiseway.
