Wecash Technology Co., Ltd, a Beijing, China-based big data tech company, completed a US$160m Series D financing.
The round was led by Orix Asia Capital Ltd and SEA Group, with participation from SIG, Sagamore, Forebright, Lingfeng Capital and Hongdao Capital.
The funding will be used to widen the application of artificial intelligence (AI) in data mining, machine learning and smart chips and to expand the company’s lifestyle service portfolio to include residential rentals, consumer goods and aesthetic surgery.
Led by founder and CEO Zhi Zhengchun, Wecash is an online credit assessment and reporting company, operating wecash.net, the country’s most advanced big data credit evaluation platform. Its credit evaluation services leverage data mining analysis and machine learning technologies. Based on the evaluation results, individual users and financial institutions can complete transactions.
The company supplies individuals with financial services as well as lifestyle services, including 3C (computer, communication and consumer electronics), residential rentals and access to aesthetic surgery, while providing partners with an opportunity to monetize their data on consumer behaviors and spending habits as well as assist financial institutions in securing tangible assets.
As of the end of January 2018, Wecash had supplied hundreds of millions of credit reports based on the 130 million users whose credit histories were available in the database. In addition, the company has provided solutions to over 50 financial institutions and expanded its presence into Indonesia, Singapore, Brazil and the US as well as other countries and regions worldwide.
The company raised tens of millions of dollars in C Series financing led by China Merchants Group, SIG and Forebright, following the securing of nearly US$10 million in A Series financing from IDG and US$20 million in B Series financing from SIG.