Beijing-based Chinese private equity firm ChinaEquity Group has led a series B+ funding round worth nearly RMB100 million (US$14 million) in Shenma Finance, a Shanghai-based financial services platform focused on rural areas in China.
Existing investors Shunwei Capital, China Growth Capital and Frees Fund also participated.
Founded in 2015, Shenma Finance provides short-term and mid-term credit products, including install payment services allowing farmers to purchase electronic scooters, the company's main focus now.
Shenma Finance currently operates in over 20,000 towns in China with its major market in Southwest, Northwest and Southern China.
The average age of its customers is 36 with an average household income of RMB73,000 per year, a population traditionally unabl...
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