China-based big data company Wecash Technology has closed a $160m Series D financing led by ORIX Asia Capital and SEA Group.
Participation to the round also came from SIG, Sagamore, Forebright, Lingfeng Capital and Hongdao Capital.
Wecash uses data mining and machine learning to conduct credit assessments to enable consumers in emerging markets access to capital borrowing and lending, car and house rental, travel and education.
The company also helps financial institutions to secure real customer data in an intelligent and secure manner.
This capital injection will be used to widen the application of AI in data mining, machine learning and smart chips. Funds will also be used to expand its lifestyle service portfolio to include residential rentals, consumer goods and aesthetic surgery.
Over the past two years, Wecash has expanded operations in to Southeast Asia, South America and North America, with operations now also in Indonesia, Singapore, Brazil and the US.
Last year, the company raised $80m in its Series C funding round following contributions from China Merchants Innovation Investment Management, Forebright Capital Management and SIG. Wecash previously raised $20m in its Series B and $10m in its Series A.
Earlier in the year, ORIX Asia Capital led the $70m Series D extension in to online lending marketplace Dianrong. The China-based company helps small businesses and individuals to access loans through a compliant solution.
Last year, the Asian FinTech market saw a total of $13.5bn invested, of which India took the lion share, picking up 55 per cent of the capital. China and Hong Kong received a similar level of funding, representing around 20 per cent of funding each.
Copyright © 2018 FinTech Global