Quick Take: Online Lender WeLab Raises $220 Million for Expansion

WeLab, an online lender in Hong Kong and the Chinese mainland, said it has raised $220 million in new funds from investors including Alibaba Hong Kong Entrepreneurs Fund and International Finance Corp.

Part of the new funds will be used to expand outside Greater China, WeLab said in a statement.

WeLab was founded in Hong Kong in 2013, and is operating through two platforms — WeLend in Hong Kong and Wolaidai on the mainland. The company said those two platforms have processed $28 billion of loans for 25 million users.

Including the latest series B+ funding, WeLab raised $425 million, the company added. Investors from previous funding rounds include CK Hutchison’s TOM Group, Malaysian sovereign wealth fund Khazanah Nasional Berhad and Sequoia Capital, WeLab said.

“We have been able to strengthen our cash position, further diversify financing sources and strengthen relationships with leading, global financial organizations,” WeLab Founder and CEO Simon Loong said in the statement.

The story is updated to correct that WeLab is an online lender

Contact reporter Aries Poon (ariespoon@caixin.com)