One of the world’s largest ever Series B fintech fundraisings has just been completed in China.
It saw WeLab, operator of Wolaidai, one of China’s largest mobile lending platforms, and WeLend.hk, Hong Kong’s leading online lending platform, raise US$160 million (RMB1 billion).
Investors were made up of an international and domestic consortium. It was led by Khazanah Nasional Berhad and included ING Bank and state-owned Guangdong Technology Financial Group (GTFG).
The accompanying statement claimed that the financing represents the first ever fundraising by a Chinese financial technology firm from both an international bank and government investors. What’s more, it is also one of the first financings of an international financial institution in a leading Chinese fintech player.
Founder and CEO of WeLab Simon Loong led the cheerleading: “This second fundraising is eight times bigger and combines the support of a leading international financial institution and government funds. It is testament to the exciting potential of the WeLab business model and its transformative potential in China’s mobile lending market. Further, the investment is a clear validation of our risk management and operational capabilities, both of which are critical to long-term success in the industry.
“A significant portion of the new funds raised will continue to be invested in credit technology research and development, to enable us to set the standard for the mobile lending market and to fulfill young peoples’ appetite of mobile banking.”