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...
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