WeLab, a Hong Kong based fintech company, raised US$156m in Series C funding.
Backers included Alibaba Hong Kong Entrepreneurs Fund and China Construction Bank (International) amongst others.
The company intends to use the funds to further develop and broaden the platform, invest into technology research and development, and roll out additional products and services.
Led by Simon Loong, Founder and Group CEO, they provide financial services by creating digital experiences to over 41 million users across Hong Kong, Mainland China, and Indonesia. Using its proprietary risk management technology and advanced AI capabilities in, the system analyzes unstructured mobile big data within seconds to provide innovative financial services and offer consumer financing solutions for individual customers.
The company also offers B2B enterprise solutions by partnering with traditional financial institutions, which utilize its technology to offer fintech-enabled services to their customers.
WeLab operates in 3 markets under 6 key brands, including WeLend and WeLab Bank in Hong Kong, WeLab Digital (我来数科), Taoxinji (淘新机) and Tianmian Lab (天冕大数据实验室) in Mainland China and “maucash”, under AWDA, a fintech joint venture with PT Astra International in Indonesia.