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.
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