Leading Asian Fintech Company WeLab Completes the Largest Ever Fintech Fundraising in China
Leading fintech company, WeLab announced on Dec. 12 that it has raised US$156 million in Series C of strategic financing, becoming the largest fintech fundraising in China so far. WeLab was one of the first virtual banks established in Hong Kong, after receiving a virtual banking license from Hong Kong’s de facto central bank, the Hong Kong Monetary Authority (HKMA) in April 2019.
According to the press release, this round was backed by new investors as well as existing investors including Alibaba Hong Kong Entrepreneurs Fund and China Construction Bank (International).
Simon Loong, Founder and CEO of WeLab said: “This financing will be used to further develop and broaden our platform as a fintech enabler. Further investment in technology research and development will enable us to apply these innovative technologies around the region and roll out additional products and services for our customers to provide holistic financial services digitally.”
WeLab Group CEO, Simon Loong.
WeLab is expected to launch its virtual bank, WeLab Bank in 2020, providing a new digital banking experience to its customers. In Mainland China, WeLab positioned itself with three key brands, including WeLab Digital, which focuses on small and microloan applications, Taoxinji, which focuses on new economy leasing solutions, and Tianmian Lab, which provides cloud-based solutions enabling other fintech-enabled services as well.
WeLab’s Series C strategic financing has also become the fourth largest fintech fundraisings in Asia, aligning itself in the Top 10 rankings of unicorns in the Greater Bay Area after the Series C round on the Hurun Global Unicorn List 2019.
The fintech company is looking to develop and broaden the platform further, targeting to launch the digital bank in 2020, expand China’s B2B business partners to over 1,000 and enter into th South East Asia market beyond Indonesia in the next two years.
Image via The Economist Events