The Hangzhou based P2P lender raised the amount to continue to expand its platform into consumer loans (it had previously focused on auto loans).
The round was led by Vision Knight Capital.
“It is our first investment in the Internet finance sector and also our largest investment,” said Vision Knight Capital chairman and founding partner David Wei, as quoted by China Money Network. “As personal credit system is still in early stage in China, the use of automobiles as collateral provides great protection for lenders,” Wei added. Weidai now gears to use its fresh capital for business expansion, focusing on individual automobile-secured lending to loans where consumers can also use property as collateral. One of its top priorities is to provide personal loans based on credit and other types of consumer borrowings.