Lion Bridge, an online vehicle financing platform, has raised RMB 1bn ($149.8m) in a round led by Baidu and Sunshine Capital.
Through the investment, Lion Bridge will work with Baidu and Sunshine to develop AI risk control technology, intelligent driving, vehicle networking, financial and insurance services, and create smart financial and service platforms for various stages of vehicle lifecycles.
China-based Lion Bridge, which was founded in 2012, is a third-party commercial vehicle financial services company offering retail microfinancing. The company has supported around 100,000 commercial drivers and vehicle owners with access to financing and services.
The company provides a variety of support for consumers with loans available to help purchase a vehicle or for maintenance such as acquiring insurance, fuel, ETC, road and bridge fees, and vehicle repairs, among others. Lion Bridge also offers dealers and fleet transportation companies with a series of tools for business management, customer drainage, inventory financing, and operational financing.
Hanergy Investment served as the exclusive financial advisor for the transaction.
Lion Bridge founder, chairman and CEO of Wan Wei said, “Lion Bridge will also cooperate with Baidu in the construction of risk control models, data traffic citations, and intelligent services for truck drivers and dealer groups.
“The Group is one of the fastest growing insurance groups in China, and Sunshine Convergence, as a professional investment institution, actively invests in the smart finance sector on behalf of Sunshine Insurance Group. Lions Bridge and Sunshine Insurance Group will jointly provide innovative insurance products for customers in the commercial vehicle sector. And actively promote data collaboration and data mining Product design. ”
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