Website Official website Founded 2013 | Headquarters Hong Kong Type of business Private | |
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Industry Financial Services, Technology, FinTech Key people Simon Loong (CEO & Founder) Products Online financial products, peer-to-peer lending | ||
Welab
WeLab is a financial technology (fintech) company headquartered in Hong Kong. In the first quarter of 2016, WeLab raised the fourth largest fundraising and second largest Series B fundraising in FinTech globally. The company operates online lending platforms which provide unsecured personal loans to borrowers. WeLab currently operates Wolaidai (我来贷), one of China’s leading mobile lending platforms, and WeLend, Hong Kong’s leading online lending platform.
Contents
- Welab
- Welab we did it again by javier4ever
- WeLend
- Series A Fundraising US20 million
- Wolaidai
- Series B Fundraising US160 million
- Debt Fundraising US25 million
- Technology
- Products
- Recognition
- References
In January 2016, WeLab completed a US$160 million Series B fundraising round from a consortium of international investors – Khazanah Nasional Berhad, ING Bank, and China state-owned Guangdong Technology Financial Group (GTFG).
Welab we did it again by javier4ever
WeLend
In 2013, WeLab launched WeLend – its first online lending platform – in Hong Kong. WeLend offers borrowers unsecured personal loans ranging from US$400 - US$75,000.
Series A Fundraising: US$20 million
In June 2014, WeLab raised US$20 million in its Series A fundraising round. The investors in this round include CK Hutchison’s TOM group, Silicon Valley-based venture capital fund Sequoia Capital, and TOM Group’s Ule.com.
Wolaidai (我来贷)
WeLab expanded to China with Wolaidai in 2014. Wolaidai provides unsecured personal loans to both students and salaried workers.
Series B Fundraising: US$160 million
In January 2016, WeLab completed its US$160 million Series B fundraising round from a stellar consortium of international and domestic Chinese investors led by Khazanah Nasional Berhad. Other investors include ING Bank and Chinese state-owned Guangdong Technology Financial Group (GTFG). The financing represents the first ever fundraising by a Chinese financial technology firm from both an international bank and government investors, and also one of the first financings of an international financial institution in a leading Chinese fintech player. WeLab’s Series B fundraising was also ranked the fourth largest fundraising and second largest Series B fundraising in fintech globally.
Debt Fundraising: US$25 million
In September 2016, WeLab secured its first credit facility of US$25 million from ING Bank to support the growth of the Hong Kong business. WeLab will also be tapping the bank loan syndication market to raise US$50 million.
Technology
Using its best-in-class risk management technology, WeLab effectively analyzes unstructured mobile big data within seconds to make credit decisions for individual borrowers. To date, the company has recorded zero fraud loss, despite not having met any of its customers face-to-face. The fastest loan approval was conducted in simply 21 seconds.
Products
WeLab offers financing products through its online lending platforms – WeLend and Wolaidai in Hong Kong and China respectively.
In Hong Kong, WeLend offers both unsecured personal loans and sales financing. WeLend's existing sales financing partners include 3HK, MaBelle, General Assembly, etc. In April 2016, WeLend announced a partnership with AsiaPay, a leading payment gateway in Asia to offer a fully online interest-free installment payment service to online and mobile merchants in Hong Kong.
In China, Wolaidai enables both students and salaried workers to obtain unsecured personal loans. Borrowers can borrow between US$450 – US$4,500 and repay over 1 year.