Business, Internet

Hong Kong Fintech Is Focus For WeLab's Latest Cash Grab

Southern China-based WeLab has secured US$25 million to focus on the company's fintech business in Hong Kong.

ING Bank, an existing investor in the company, extended the credit line of US$25 million to the company, which is also backed by Malaysia's state fund Khazanah Nasional.

In January, ING Bank participated in a US$160 million series B round in Welab. That round was led by Malaysia's state fund Khazanah Nasional, with participation from Guangdong Financial Technology Group. At that time, WeLab and ING Bank said they would explore partnerships on online lending and direct banking.

Founded in 2013, Welab operates Chinese mobile lending platform Wolaidai and Hong Kong online lending platform WeLend. It currently has over seven million registered users and has processed US$4.6 billion of loan applications.

WeLab previously received US$20 million series A round from Sequoia Capital, Hong Kong tycoon Li Ka-shing's TOM Group and Yuri Milner, founder of DST Global.

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