China-based mobile lending platform WeLab has closed a $220m Series B+ equity and debt round.
Investor to the round included Alibaba Hong Kong Entrepreneurs Fund, International Finance Corporation, and Credit Suisse among other global banks.
Founded in 2013, the company is a mobile lending platform that utilises risk management technology to analyse mobile big data in order to create credit decisions for individual borrowers. Since launch, WeLab has grown its number of users to 25 million and loans processed to $28bn.
Capital raised from this investment will enable the company to scale its business, and to expand into new products and to new geographies beyond greater China.
FinTech Investment Group Hhead of IFC Andi Dervishi said, “We believe the firm’s strategic partnership with banks will result in a sustainable competitive advantage to the company. Similarly, consumers will benefit from improved access to credit and from building a credit history, an important step towards financial inclusion.”
This new line of equity brings total capital raised by WeLab to $425m. At the start of last year, the company secured $160m in its initial Series B round. Backers to have supported the company in the past include Khazanah Nasional Berhad, and Sequoia Capital.
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