Chinese auto financing platform Bitauto has secured $1bn in its latest funding round from a consortium of heavyweight Chinese internet firms.
Tencent, Baidu and JD.com all invested, having previously backed the company’s Yixin Capital auto-lending subsidiary in a $550m post-IPO equity round last August.
The Beijing-based business went public in 2010 and offers online content and marketing services for the Chinese auto industry.
Bitauto is now focusing on its auto-financing capabilities, saying it aims to use the funding to become the market leader for online vehicle financing in China.
Chinese consumers do not traditionally seek loans to purchase cars, unlike the US where 80% of cars are bought on credit.
Research from Deloitte claims that while penetration of auto financing in China is only 20% at present it is expected to reach 50% by 2020.
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