P2P Lending Firm Weidai Completes $24M Series B Round

Hangzhou-based P2P (peer to peer) lending platform Weidai has completed RMB150 million (US$24 million) series B financing led by Shenzhen-listed Hakim Co., Ltd, a Hangzhou-based smart building and smart city services provider.

According to Chinese media reports, Hakim also led an undisclosed series A funding round in Weidai one year go.

Launched in 2011, Weidai provides P2P lending secured by automobiles 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.

China Expert network