China-based peer-to-peer lending platform Weidai has closed a RMB 150m ($24m) series B round led by smart building and city services provider Hakim, China Money Network reported yesterday.
Established in 2011, Weidai offers a platform for car owners to receive loans secured against their vehicles. Most of the loans mature after a month and have an interest rate of approximately 11%. The company claims to process $235m of transactions each month.
Weidai has not disclosed details concerning its series A round, reportedly funded by Hakim in 2014.