BEIJING, Feb. 12, 2018 /PRNewswire/ — CreditEase, a Beijing-based leading FinTech conglomerate in China, announced today that its venture fund, CreditEase FinTech Investment Fund (“CEFIF”), recently joined a group of prestigious investors to support California based Fair’s strategic expansion. Other investors in this round of financing include Siemens-backed next47 global venture fund, BMW i Ventures, Millennium Technology Value Partners, 137 Ventures, G Squared and Upfront Ventures.
Fair has also recently announced the acquisition of leasing portfolio of Uber’s Xchange Leasing subsidiary. Concurrent with the Uber leasing deal, Fair also entered into an exclusive, long-term partnership with Uber in the United States that enables its ride-share drivers to lease a Fair vehicle and return it anytime.
Launched in August 2017, Fair is a mobile technology platform that allows customers to lease and return a car with flexible terms entirely by using a smartphone. “These investments are an important part of Fair’s continuing and rapid growth, and are further confirmation that the future of car ownership lies in the digital, flexible and affordable model that Fair provides,” said Scott Painter, Fair CEO and Founder. “We’re gratified that Fair’s reception from the investment community matches the enthusiastic response of our customers, who want to get a car the same way they make countless other digital purchases – from wherever they are and with no long-term commitment.”
Since its inception in early 2016, CEFIF continues its strategy of investing in FinTech companies at the crossroads of cutting-edge technology, research and innovative business models. With the rapid development of the mobile internet technology and desire for flexibility, consumers are increasingly embracing the subscription-based business models across sectors. Fair captures this opportunity to usher in a new era of flexible auto financing, in partnership with automakers and dealers.
“Fair’s business model demonstrates a game-changing alternative for the massive used car market in the United States through flexible auto leasing. It provides a user-friendly, brand new automotive financing experience through a fully digital, transparent, mobile, and reliable technology platform,” said Ms. Anju Patwardhan, Managing Director of CreditEase FinTech Investment Fund. “Mr. Scott Painter and Mr. Georg Bauer are visionary automotive industry leaders, each with over 20 years of experience and have proven track record across automobiles and finance. They have built a deep management team with unparalleled industry knowledge at Fair.”
CEFIF is a firm believer in using technology to disrupt and change traditional industries and is also an early investor in DiYiCheDai and DaSuoChe in China that are changing vehicle ownership and financing models. “We will continue to deploy CreditEase’s rich technology, risk management, and finance expertise to support the industry growth,” said Ms.Patwardhan.