Wecash, a Beijing, China-based fintech company, closed US$80M in Series C funding.
The round was led by China Merchants Group, Forebright Capital and SIG Ventures with participation from Joinhope Capital and Lingfeng Capital.
The company, which has raised over US$100m to date, intends to:
– improve its “lending AI” to provide banks, insurance and consumer finance companies with fintech services;
– extend and improve upon its offerings for online and offline consumption;
– expand upon its hardware R&D team to develop new machine learning solutions for the financial sector to improve productivity and reduce risk; and
– accelerate its overseas expansion; from a R&D centre in Silicon Valley since 2015, to new markets in Brazil, Indonesia and throughout Latin America and Southeast Asia in 2017.
Led by founder and CEO Zhi Zhengchun and Chief Risk Officer Tang Xuewei, Wecash provides an app that leverages big data and machine learning to prevent fraud and to provide tens of millions of consumers with credit evaluation and access to partnering financial institutions’ products.
With over 80 million users and 30 financial institution partners, the company’s technology has been applied to evaluate consumer credit for loans in 3C, agriculture, aesthetic medicine, home rental, cars, insurance and travel, facilitating more than US$2.2 billion in loans.
Since 2017, Wecash has also expanded beyond China through the establishment of offices and operations in Brazil, Singapore and Indonesia.