China: Fintech startup Weidai lands $153m Series C led by Vision Knight Capital

Visual from company website.

Peer-to-peer (P2P) lending platform startup Weidai has raised up to $153 million (RMB1 billion) in a series C round of financing led by Vision Knight Capital.

The Hangzhou-based fintech firm raised RMB150 million last September in a series B financing round backed by Hakim Co Ltd, a Shenzhen-listed smart building and city services provider.

“It is our first investment in the Internet finance sector and also our largest investment,” said Vision Knight Capital chairman and founding partner David Wei, as quoted by China Money Network.

“As personal credit system is still in early stage in China, the use of automobiles as collateral provides great protection for lenders,” Wei added.

Weidai now gears to use its fresh capital for business expansion, focusing on individual automobile-secured lending to loans where consumers can also use property as collateral.

One of its top priorities is to provide personal loans based on credit and other types of consumer borrowings.

Operating 85 service posts, mostly in Zhejiang, Jiangsu, Anhui and Guangdong province, Weidai reported its monthly transaction value reached RMB85 million last August.

Weidai was launched in 2011 and received series A funding from Grand Capital in 2014. The firm’s loans are generally one-month in maturity with interest rate of around 11 per cent.

Also Read:

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.