WeLab, a Hong Kong–based fintech company, raised US$220m in combined Series B+ equity and debt strategic financing.
Backers included the Alibaba Hong Kong Entrepreneurs Fund, International Finance Corporation (IFC) and other global banks. The financing brings WeLab’s total funding to US$425m with early backers including CK Hutchison’s TOM Group, Malaysian sovereign wealth fund Khazanah Nasional Berhad, and Sequoia Capital.
The company will use the funds to advance its credit technology, scale its business and accelerate expansion into new products and geographies beyond Greater China.
Founded in 2013 by CEO Simon Loong, WeLab is a mobile lending company operating in Hong Kong and China with 25m users and US$28 billion processed loans. The company also licenses its proprietary risk management technology, which analyzes unstructured mobile big data within seconds to make credit decisions for individual borrowers, to banks and telecommunications companies.