Nice statistics: 25 million users!
WeLab, a financial tech startup that operates online lending platforms in Hong Kong and China, has raised $220 million in combined equity and debt financing. The round, which WeLab says is its Series B+, brings its total funding so far to $425 million. Investors include the Alibaba Hong Kong Entrepreneurs Fund, the World Bank’s International Finance Corporation (IFC) and Credit Suisse, which also acted as the round’s placement agent. The company declined to disclose its valuation. Founder and chief executive officer Simon Loong told TechCrunch that it is still too early to share details about any plans for an initial offering, but said “there are many similarities between the recent fintech companies who have gone public and us—one of which is that these companies and ourselves started around 2012-2013. We keep a close eye on the IPOs.”
