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 (email@example.com)
Jun 04 17:45
Jun 04 17:19
Jun 04 16:26
Jun 04 12:38
Jun 03 18:07
Jun 03 16:48
Jun 03 13:17
Jun 03 12:25
Jun 03 06:45
Jun 02 16:29
Jun 02 14:45
Jun 02 12:04
Jun 02 05:38
- 1In Depth: Huawei’s Chip Dreams in Crosshairs of Latest U.S. Assault
- 2Premier Sends ‘Powerful’ Signal for China to Join Asia-Pacific’s Largest Trade Pact
- 3Despite Stalling Tactics, Luckin Likely to Get Thrown Off Wall Street: Experts
- 4Luckin Founder to Cash Out of Rental Car Unit
- 5BNP Paribas Chinese Unit Fined for Anti-Money Laundering Violations
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas