China auto financing platform Chedai gets $52m Series B
Chinese automotive financing platform Chedai.com has raised a RMB360 million ($52 million) Series B round of funding led by domestic PE fund managers You Jin Capital and Addor Capital.
Matrix Partners China, CreditEase and online finance platform 360 Jinrong also participated. The company is currently raising an extension to the Series B, management told a press conference.
Founded in 2013, Chedai provides customized financing solutions for second-hand car dealers, car rental companies, logistics providers, auto part retailers and car buyers. It evaluates the creditworthiness of the borrower and then brokers the loan, which is provided through partnerships with commercial banks and insurance companies. The company also works with used-car trading platforms. Services cover 80 Chinese cities, with more than RMB14 billion facilitated in loans since inception.
The Series B round was announced in conjunction with the launch of Chedai's new information sharing platform, which is intended to provide transparent and accurate lending information on the used car industry.
Chedai previously raised a Series A round of undisclosed size from CITIC Group, BAIC Group, Bailian Group, Credit China and Matrix Partners in June 2015. This was followed by a RMB217 million extension led by China Growth Capital.
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