WeLab, a fintech start-up that is behind 2 of the biggest mobile lending platforms in China and Hong Kong, has received $220 million in equity & debt financing.
WeLab, a financial technology start-up that is behind two of the biggest mobile lending platforms in China and Hong Kong, has received $220 million in equity and debt financing.
Overall, the company received $425 million in funding within its Series B+ round. The newly attracted investors include the Alibaba Hong Kong Entrepreneurs Fund, the World Bank`s International Finance Corporation (IFC) and Credit Suisse, among others. Some of the company`s early backers are known to be CK Hutchison’s TOM Group, Malaysian sovereign wealth fund Khazanah Nasional Berhad, and Sequoia Capital, one of Silicon Valley’s best-known investment firms.
WeLab was founded in 2013 in Hong Kong and has since grown its number of users to 25 million and loans processed to US $28 billion. The company focuses on analysing unstructured mobile big data within seconds to make credit decisions for individual borrowers, as they wrote in their press statement.
According to Andi Dervishi, FinTech Investment Group Head of IFC, and a member of the World Bank Group, WeLab has demonstrated its ability to effectively make credit decisions based on non-traditional, but reliable data. He added that the company has been able to offer formal financing and loans to consumers in a more direct and inclusive way.
WeLab has refused to disclose its valuation, explaining that it is too early to share details about any future plans for initial offering. Founder and chief executive officer Simon Loong, told Tech Crunch that “there are many similarities between the recent fintech companies who have gone public and us—one of which is that these companies and ourselves started around 2012-2013. We keep a close eye on the IPOs.”
Commenting on the newly received funding, the company explained that they plan to use the money to advance its best-in-class credit technology, as well as scale its rapidly-growing business and accelerate expansion into new products and territories beyond China.