WeLab lands $25m credit facility for online loans

fintech insurtech wealthtech regtech ai cybertech esg news
fintech insurtech wealthtech regtech ai cybertech esg news

WeLab, a Hong Kong-based operator of online lending platforms, is proving that despite negative press and tough new regulations in the region, investors still see big potential in the space landing a $25m credit facility note from Dutch bank ING.

It comes at a time when other marketplace lending companies are reportedly struggling to raise funding and follows new rules by the Chinese regulators limiting the amount individuals and companies can raise thought peer-to-peer platforms.

Operating Wolaidai, one of China’s largest mobile lending platforms and Hong Kong peer-to-peer lending site WeLend, Welab closed a Series B round of funding in January. The capital injection totalled $160m and was led by Khazanah Nasional Berhad.

WeLab claims more than 8 million users and to have processed $4.9bn in loan applications since its 2013 launch. It says it will look to the bank loan market for another $50m in the coming months.

Copyright © 2016 FINTECH GLOBAL

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.