WeLab, an operator of lending platforms in China and Hong Kong, raised US$160m (RMB1 billion) in Series B funding.
The round was led by Khazanah Nasional Berhad with participation from ING Bank and state-owned Guangdong Technology Financial Group (GTFG).
The company intends to use the funds for credit technology research and development.
Founded in 2013 in Hong Kong by Simon Loong, CEO, WeLab operates online and mobile lending platforms for and Hong Kong. It operates Wolaidai, a mobile lending platform for China, and WeLend.hk, an online lending platform for Hong Kong.
In 2015, the company continued to grow with loan disbursements increasing ten-fold, and its customer base reaching 2.5 million individuals within 1.5 years.