Alibaba-backed fintech firm WeLab secures $156m in series C round

Hong Kong fintech unicorn WeLab today announced it has raised US$156 million in a series C strategic financing round.

New investors as well as five existing investors, including Alibaba Hong Kong Entrepreneurs Fund and China Construction Bank, participated in the round.

Photo credit: WeLab

WeLab founder and CEO Simon Loong said that the new funds will be used to further develop and broaden its platform as well as invest more in research and development.

Founded in 2013, WeLab is a virtual bank that uses risk management technology and AI to analyze unstructured mobile big data within seconds and provide financial services. It operates in Hong Kong, China, and Indonesia under different brands.

It runs online lending platform WeLend in Hong Kong, where it expects to launch WeLab Bank in 2020 after securing a virtual banking license from the Hong Kong Monetary Authority.

In China, it runs microlending platform WeLab Digital, leasing solutions firm Taoxinji, and business-to-business cloud services provider Tianmian Lab.

In 2018, it entered Indonesia via joint venture AWDA, which was formed with local conglomerate Astra International to launch the Maucash brand.

“With technological advancement, fintech has gradually been integrated into our daily lives over the last decade, transforming the traditional world of banking as we know it. 2020 marks the inflection point where the calls for supervision and governance are necessary, starting with regulated digital banks,” Loong said.

Looking ahead, WeLab said it looks to further expand its B2B business in China and work with over 1,000 partners, offer proprietary computing solutions to enterprises on its cloud platform by the second half of next year, and enter another Southeast Asia market beyond Indonesia within the next two years.