Tencent, Baidu Join $580M Round In Chinese Online Car Financing Platform Yixin

Yixin Capital, an online automobile financing platform backed by Tencent Holdings Ltd, Baidu Inc., JD.com and BitAuto Holdings Ltd, has raised a RMB4 billion (US$580 million) new funding round.

BitAuto, Tencent, SF Express's founder Wang Wei and China Orient Asset Management participated in the deal, which will be completed at the end of this month.

Once complete, BitAuto, which was founded by William Li, who also founded Chinese electric vehicle start-up NIO, will hold a 48% stake in Yixin. In addition, Yixin Capital will renamed Yixin Group after the funding round.

Founded in 2014, the start-up partners with financial institutions and provides a number of automobile financing products including loans for new car and secondhand car, car leasing, car insurances and credit cards for vehicle owners. The company says it has provided ser...

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