China used car trading platform Souche raises $100m

Founded in 2012, Souche allows users to purchase second-hand cars online, with the company getting a commission on each transaction. It claims that more than 80% of used car dealerships in China rely on the Souche platform to make sales, with approximately RMB10 billion ($1.45 billion) in total transactions every month. The volume amounts to 20% of total used car transactions in China.

As part of the agreement, Souche will launch a credit-based vehicle financing product called Tange Che to provide low down-payment and flexible-term auto financing solutions. The product itself will combine credit data and financial services from Ant Financial's online banking affiliate MyBank, with product design and marketing services from Souche.

Souche previously raised funding from Sequoia Capital, Morningside Ventures and Ferry Venture Capital. The latest capital injection will be used to expand its services beyond used cars to include new vehicle sales, through leveraging Ant Financial's big data, risk control and credit capabilities, Souche told local media.

Ucar, which operates under the Shenzhou Private Car brand, has a longstanding relationship with China Auto Rental (CAR). The chauffeured car service provider received several rounds of funding from the likes of Warburg Pincus, Legend Capital and Yunfeng Capital ahead of its listing on the National Equities Exchange and Quotation (NEEQ) in July.

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• Topics
• Greater China
• Technology
• Consumer
• China
• TMT
• Sequoia Capital
• automobiles
• Morningside Technologies