China-based automotive financial services provider Meiliche Financial has secured $92m in a series B round led by agriculture-focused conglomerate New Hope Group, China Money Network reported yesterday.
Personal finance app developer Wacai also participated in the round, which was raised four years after Meiliche was formed by online lending platform Meili Financial.
Meiliche provides a range of financial services focused on the second-hand vehicle market, including instalment payment options and car insurance. The company, which operates in 330 Chinese cities, has supplied roughly $3bn in instalment loans for vehicle purchases.
The series B proceeds will support the expansion of Meiliche’s market share as well as recruitment and the further development of the risk assessment system it uses to determine the viability of its loans.
New Hope vice-president Zhang Minggui was quoted by China Money Network as saying: “New Hope Group will focus on the fields of agriculture, food, culture and tourism, and will invest in the companies that will bring the public a better life.
“The investment in Meiliche shows that we are optimistic about the travelling market with consumer upgrade.”
Meili had raised $65m in a 2015 series A round led by Bertelsmann Asia Investments, a corporate venturing vehicle for media group Bertelsmann, which also featured Wacai, Morningside Venture Capital and GX Capital.
JD Finance, the financial services spinoff of e-commerce firm JD.com, invested an undisclosed amount in Meili the following year.