(Yicai Global) April 9 -- Tiandao Jiran Beijing Network Technology Co., the firm behind Chinese online consumer lending platform Meili Finance, has secured CNY239 million (USD38 million) in B+ funding as it looks to invest more in technology, risk control and operational efficiency.
CreditEase, Delta Capital, Harmony Riverside and Taihe Capital were among investors in the round, online finance portal Zero One Finance reported. The series follows a January B-round led by New Hope Group Co., in which the company raised USD92 million
Meili Finance is composed of two main business units. One provides consumer finance for used cars and the other for electronics. It began offering auto finance in September 2014 and has cooperated with 35,000 dealers across China, issuing around CNY25 billion (USD4 billion) in loans.
Used car trade has been on the rise in China for several years, said Cong Yu, a partner at CreditEase. But compared with developed countries there is still a lot of room for growth, especially in automotive financing, he added, saying his firm will use its fintech capabilities to cooperate in-depth with Meili.
The firm has been offering loans for consumer electronics since August 2015, partnering with 28,500 stores across more than 150 cities as it looks to help young people buy new tech products.