Ant Financial Services Group and Ucar Inc. have invested US$100 million in Souche.com, a Hangzhou-based used car dealership transaction services provider, as the company’s series C financing round.
Ant Financial will help Souche.com launch credit-based car loans, utilizing Ant Financial’s personal credit rating and financial services.
The service will be rolled out to all of Souche.com’s users, which cover 80% of China’s used car dealerships, the company claims.
“Incorporating Ant Financial’s capabilities, we will be able to create a seamless online-to-offline automobile financial services platform to used car and new car dealerships across the country,” Yao Junhong, founder of Souche.com, said in a statement.
Founded in 2012, Souche.com provides transaction, marketing and business management services to used car dealerships. Its SaaS (Software as a Service) systems help dealerships enhance operational efficiency and connect with each other.
The company previously raised around US$10 million in series B round led by Sequoia Capital in 2013. Morningside Ventures and other unnamed investor also participated in its earlier funding rounds, but no reliable information can be found.
Souche.com claims that its SaaS systems facilitate over RMB10 billion in transaction value monthly, or around 20% of total transaction value in the used cars segment in China.
Ucar, a mobile app-based chauffeured car service backed by Warburg Pincus and Legend Holdings, will also partner with Souche.com on used car trading.