With the financial support of Shenzhen-listed Hakim Co., Ltd, a Hangzhou-based smart building and smart city services provider, during both its Series A and Series B funding rounds, the Hangzhou-based P2P lending platform Weidai has completed RMB150 million (US$24 million) Series B financing.
According to Chinese Money Market, Hakim also led an undisclosed series A funding round in Weidai one year go. Launched in 2011, Weidai provides P2P lending secured by cars owned by borrowers. The loans are generally one-month in maturity with interest rate of around 11%. The company says its monthly transaction value reached RMB85 million (US$235 million) as of August 2015. It operates 85 service posts, mostly in Zhejiang, Jiangsu, Anhui and Guangdong province, according to Chinese Money Market.
In a post last fall, “China: The Different Categories of Peer to Peer Lending Platforms,” Yangjie She and Naiwen Zhang reported on Weidei, noting the platform’s “rich experience in collecting debts” as well as citing that the startup’s “risk control system is well established.”