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Business · TMT · Finance
Fintech start-up WeLab completed USD 156 mln Series C funding
2019/12/12 10:04:46
Fintech, Big data, Funding

Dec 12, 2019 (China Knowledge) - Fintech start-up WeLab has successfully raised USD 156 mln (RMB 1.1 bln) in its Series C funding round.

Founded in 2013, WeLab is based in Hong Kong and focuses in creating seamless digital experiences for financial services. The company uses risk management technology and big data analytics to provide innovative financial services and offer consumer financing solutions for individual customers.

According to Simon Loong, founder and CEO of WeLab, the company will use the funds to enhance “investment into technology research and development”. This will help WeLab to “apply innovative technologies around the region and roll out additional products and services for our customers to provide holistic financial services digitally”.

In addition, WeLab plans to increase its B2B partners in China to over a thousand, as well as offer privacy computing solutions to companies via cloud by H2 2020.

Currently, the company operates various fintech and solutions platform in mainland China, such as WeLab Digital, Taoxinji and Tianmian Lab. WeLab Digital was reported to have amassed more than 41 mln registered users in the region.

Following the Series C funding, LandSpace has raised a total capital of USD 581 mln (RMB 4.9 bln). The company was recently granted a virtual banking license from the Hong Kong Monetary Authority in Apr this year. The company also has operations within Indonesian, with plans to expand further in the Southeast Asian market.

The latest funding round was led by non-profit fund Alibaba Hong Kong Entrepreneurs Fund and investment firm CCB International.

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