Internet group Tencent and JD Digits, the financial technology arm of e-commerce firm JD.com, co-led a $50m series B round for China-based online car financing platform Linkfin Technology on Friday.
Bertelsmann Asia Investments (BAI), a corporate venturing subsidiary of media group Bertelsmann, also took part in the round, according to a statement on JD Digits’ WeChat account.
Founded in 2017, Linkfin has developed a big data and artificial intelligence-powered platform that provides users with the finance and mechanism to purchase a vehicle through instalments.
The company also licences its risk-management technology to financial services providers. It intends to use JD Digits’ big data technology to help grow its own business.
The capital will be used to enhance the company’s platform, strengthen its technology, increase headcount and expand in its home country.
Bertelsmann Asia Investments supplied an undisclosed amount of series A funding for Linkfin in January 2018 but the company has not disclosed specific details of its earlier financing.