According to the latest startup news, financial tech startup, WeLab raises $220M from investors including Alibaba, the IFC and Credit Suisse. WeLab is a financial startup dedicated to operating online lending platforms in Hong Kong and China. WeLab raised $220M in equity and debt financing and in its Series B+ round has brought in a total funding to $425M.
The various investors of the financial startup include famous companies such as Alibaba Hong Kong Entrepreneurs Fund, the World Bank’s International Finance Corporation (IFC) and Credit Suisse. Currently the company has declined to reveal its valuation. Creator and CEO Simon Loong said that their company was still in its premature stage to share information regarding any plans for an initial offering. He further added that the similarities between the recent fintech companies that went public and to keep a close eyes on the IPO’s.
The borrowers of WeLab mostly include individuals and businesses that fall short of established credit for taking out loans from traditional banks at a low interest rate and eventually end up borrowing loans from friends, families or microloan programs.
SEE ALSO: Top 7 Financial Tech Trends that Will Rule in 2018
WeLab’s platform allows users to submit their application for loan through smartphone app. WeLab can then respond to applicants almost instantly by assessing their credit worthiness from data gathered through online sources. These sources include bill payment records and social media profiles along with proprietary technologies which they also license to banks and telecoms.
WeLab was founded in 2013 and now claims to have more than 25 Million users with more than $28 Billion processed in loans. WeLab works with more than 40 banks and has plans to expand into Southeast Asia.
Keep reading iTMunch for more startup related news.
