WeLab raises $220 million in strategic financing
Written by Anthony Strzalek
Chinese FinTech outfit WeLab has announced that it has raised $220 million of combined Series B and equity and debt strategic financing.
The financing brings WeLab’s total funding to $425 million and marks a significant milestone for the Hong Kong-based company which received backing from the Alibaba Hong Kong Entrepreneurs Fund, International Finance Corporation (IFC) and other global banks.
Previous investors in WeLab included CK Hutchison’s TOM Group, Malaysian sovereign wealth fund Khazanah Nasional Berhad, and Sequoia Capital.
This follows WeLab’s $160 million Series B financing in 2016, which was the world’s second largest FinTech Series B of the year, according to a report published by KPMG and CB Insights.
With its proprietary risk management technology, WeLab analyses unstructured mobile big data within seconds to make credit decisions for individual borrowers. The company also licenses its technology to banks and telecommunications companies.
WeLab plans to use the funds to advance its credit technology, scale its rapidly-growing business and accelerate expansion into new products and geographies beyond Greater China.
WeLab founder and CEO Simon Loong, said: “For this round of strategic financing, it was important for us to have participants that would help scale our business to the next level. We have been able to strengthen our cash position, further diversify financing sources and strengthen relationships with leading, global financial organisations.
This will underpin our growth story, and see us deliver even greater FinTech innovation in the world’s fastest growing market.”