Fengzhixing Automobile Financial Information Service, the China-based operator of automotive finance platform Chedai.com, has closed a RMB360m ($52m) series B round featuring online lending platforms CreditEase and 360Jinrong, according to Marbridge Consulting.
Youjin Capital and private equity firm Addor Capital co-led the round, which included venture capital firm Matrix Partners, while CreditEase invested through its New Finance Industry Investment Fund.
Founded in 2013, Chedai provides credit for used vehicle purchases, offering between RMB50,000 and RMB50m to car dealers, transporters and rental firms in the form of inventory, purchase order, commercial vehicle and in-transit inventory financing.
The company has partnerships in place with more than 70% of China’s large and medium-sized used car dealers, across 80 cities.
Chedai disclosed the funding at a press conference at which it also launched a data platform that will provide information covering the make, model, mileage and inspection history of listed cars which can be located through their vehicle identification numbers.
The round follows the company’s $34m series A round in April 2016, which was led by VC firm China Growth Capital with additional funding from Matrix Partners and Youjin Capital.