Meili Finance has raised a $92 million Series B round led by local agribusiness player New Hope Group.Wacai, a VC-backed personal finance management app, also participated, with China Taihecap as the exclusive financial advisor.

Meili Finance was established in 2015 when online peer-to-peer lending platform Yooli spun out its second-hand car financing business. The company subsequently raised a $65 million Series A round from Bertelsmann Asia Investments, Morningside Venture Capital, and SBCVC. JD Finance, the financial subsidiary of Chinese online retailer JD.com, also invested in the company in 2016.

Meili Finance now runs an e-commerce site that allows consumers to buy 3C products (computers, communication, and consumer electronics) and pay education costs in installments, while auto financing falls under the Meiliche Jirong brand.

The business provides loans for consumers to buy new and second-hand cars through partnerships with car dealers and financial institutions. At present, its operation covers 330 Chinese cities, and it has issued a total of RMB20 billion ($3 billion) in loans. Meili Finance plans to use the new funding to scale up its business, expand sales channels, and improve internal risks management, local media reported.

Source: https://www.avcj.com/avcj/news/3008460/chinese-auto-financing-site-raises-usd92m-series-b-round?via=indexdotco